If you are out there looking for a new car, it is very likely you have thought about leasing versus buying. While most car buyers choose to buy a car , others prefer the aspect of leasing. To help you make a very informed choice, we are going to weigh the positive and negative aspects of car leasing vs buying.
Advantages of buying a car
Buying a car comes with an array of benefits. First, since you fully own the car, you can do any kind of modification and in any manner you choose. Secondly, there is no mileage restrictions you have to deal with when you buy a car. You can go to any place you like without having to worry about penalties in mileage.
The kind of flexibility that comes with buying car makes it worthwhile. For example, the owner has more flexibility since you can sell the car anytime you want.
While buying a car comes with a whole list of benefits, there are also a couple of things that should have you worried. To start with, it is important to note that a car depreciates in value over a length of times; something that can deplete your savings in the log run.
Advantages of leasing a car
Leasing on the other hand comes with its own share of benefits and drawbacks, as well. To start with, let’s look at the pros of leasing a car. Unlike buying a car, leasing gives you an opportunity to drive a more expensive car for little money every month. Additionally, with leasing you pay less sale tax and the best part, there is no trade-in hassle when your lease comes to an end.
To begin with, most leasing arrangements come with an annual mileage limit, and this means one thing; you will only have to drive your car a specific amount of miles every single year without being penalized when the lease comes to an end. So if you often drive for long distances, leasing a car won’t work in your case.
Another major drawback of leasing a car is that at the end of the leasing period, you don’t own the car. While you may be cool with the idea, it doesn’t make any sense to submit payment every single month for three or even five years for an investment you may never own.
At the end, it is important to note that leasing a car makes it much easy for you to get a car for less money; you only pay for the value of the car that you drive, instead of buying the entire worth of the car. Buying on the other hand frees the oversights that leasing comes with as you can do what you wish with your car.