Leasing often gets a bad reputation for no reason and sadly, most car buyers don’t even consider this option when searching for a new vehicle. If you’re in the market for a new vehicle, you may be debating whether you should buy or lease. To help with your decision, here are some things to keep in mind:
Pros of Buying
Buying a new car is a huge decision. Aside from the new car smell and the sense of ownership, buying a car has other advantages such as the freedom of driving as much as you want without fees, the option to modify your car and the opportunity to sell it when the time comes. You also don’t have to worry about mileage restrictions and extra fees.
Cons of Buying
While ownership can make any car owner giddy, it doesn’t always mean everything is going to be positive. Buying is often going to lead to higher monthly payments with high interest rates, a large down payment in the beginning, a huge tax hit on the purchase price and a loss of equity the minute the car drives off the lot.
Pros of Leasing
If you’re a fan of getting a new car every few years or so, leasing available at Lease Cars Direct should be your only option. The great thing about leasing is that when your lease is up, you hand in your keys and pick out a new car that will more than likely have similar payments to what you were paying before. Not only that, your monthly payments are going to be lower, the car will more than likely be under warranty and you don’t have to worry about selling when you’re ready to dump the car.
Cons of Leasing
Most advocates state that one of the biggest cons to leasing are the higher up-front costs. However, today most dealerships offer low-cost initial down payments and very low monthly payments that fit your budget. Another downfall to leasing are the mileage restrictions and early terminating options. As long as you don’t go over the allotted mileage, which is more than fair, or terminate your lease early, you won’t have to worry about paying any of these fees.
If you like the idea of low monthly payments, a new car every month and the hassle of not owning a car, leasing is going to be the winner by a long shot. Just like renting a home, you won’t have to worry about most repairs, the headaches of maintenance and the high costs that go along with it.