Friday, July 24, 2015

The Pros and Cons of leasing vs. buying

So you’ve decided it’s time for a new car and now you’re faced with that age-old question: lease or buy?

  •       You own the vehicle

  •      You can sell or trade in the vehicle whenever you want

  •       You can drive as much as you want
  •        You can modify the vehicle if you want


  •      Your monthly payments are usually higher because you’re paying off the entire cost of the vehicle
  •     When it comes time to get a new vehicle you have to deal with selling or trading in your existing car


  •    Monthly lease payments are usually lower than the monthly costs of a loan to purchase a car

  •    When your lease is up and it’s time for a new vehicle, you essentially just return the car
  •      You don’t have to worry about depreciation


  •         You don’t own the vehicle
  •         You have to limit your mileage to the terms of the lease, or pay extra charges
  •         At the end of the lease you must return the vehicle
  •         Wear and tear on the vehicle may result in extra charges when the lease is up
  •         You can’t modify the vehicle

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