Leasing vs Buying

Key Reasons to Lease Your Next Car

One of the chief benefits to automotive leasing is the fact that you won’t be responsible for the vehicle’s entire value. You’ll only pay for it during the duration of the lease itself. As a result, the down payment and the monthly payments are likely to be significantly lower. There’s even a chance you may not have to provide a down payment at all.

Because the vehicle you’ll be leasing will be new and under warranty, you’ll likely not spend much time in the service department other than having the usual maintenance tasks performed. If any issues do arise, you won’t be financially responsible for them as long as they’re covered by the warranty.

If you’re one of the many people who appreciate having access to advanced technology while you’re on the road, you might find leasing to your liking. When you lease on a regular basis, you’ll have the opportunity to move to a car that has the latest convenience and safety features every few years.

Finally, consider what happens when the lease term is over. Instead of having to trade in the vehicle at a reduced value, you’ll simply return it to the dealer and begin the process of deciding which model you’d like to lease next.

Top Advantages for Buying

Buying a car means that, once it’s completely paid off, it’s all yours. Whether you trade it in afterward or keep it for several additional years will be totally up to you. Additionally, you’re free to make any modifications you’d like.

On the other hand, if you decide you’re unhappy with the vehicle you’re leasing, terminating the lease will likely result in having to pay a penalty. Plus, you won’t be able to alter the car to fit your specific preferences.

Another pro in the buying column is that your credit score often doesn’t have to be nearly as high as it does when you’re leasing.