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Should You Lease Or Buy A Car?

The process of getting a new car can be stressful. From looking for the right car to getting a good price, there are many things to consider. However, one of the first things everyone should decide is whether they want to lease a car or buy it. There are many pros and cons to both leasing and buying, so it’s good to figure out which one will work better for your particular situation. That’s where this article comes in. Read on for some helpful advice on how to decide if you should lease or buy a car.

Monthly Payments

This is arguably the most significant factor in deciding whether to lease or buy a car. When you purchase a car, you are responsible for the car’s total price, whereas, with leasing, you only have to worry about how much it will cost each month. If you can afford to pay cash for your car, buying will be cheaper than a lease. However, if you need a car that costs more than what you can afford to pay for it, leasing is usually the better option because of the lower down payment and monthly payments.

Repairs And Maintenance

When you buy a car, repairs are your responsibility. However, when you lease one, the dealer is responsible for major repairs but can charge you for maintenance and damages from simple wear and tear at the end of your lease. For example, if you lease a car and need to replace the brake pads at 15,000 miles, the dealer will probably charge you for this repair. When you buy a leased vehicle or trade it in, your cost is often affected by how much money the dealer had to spend on repairs during your car ownership.

Insurance

When you buy a car, you have options for what type of insurance will be best for you. When leasing a car, the company can often tell you what insurance they require to have, and more likely than not, it will require you to have some sort of full coverage insurance on the car. However, there is generally no difference in price between leasing and buying if, when buying, you are looking to insure your car from all types of damages and accidents.

How Many Miles You Plan To Drive

When you buy a car, you can do whatever you’d like with it. You may want to drive it for many years or decide to get rid of it earlier because of something unforeseen. However, when leasing a car, most leases are around 2-3 years. If driving your car for more than 2-3 years is your plan, it would be better to buy it instead of leasing it. Another aspect to leasing that you will not have to deal with when buying is a company setting a limit on how many miles you can drive your car before you have to pay a penalty. So before you decide which option is best for you, you must consider how many miles you will be driving the car each year and the length of time that you want to have the vehicle.

Do You Enjoy Driving The Newest Car Models

Most people that lease a car do so because they can’t afford to purchase the newest models of cars. Leasing allows you to drive the newest model every two or three years, which can get extremely expensive if you often try to buy a new car. So if you want new vehicles every other year and do not want to worry about it once you are done driving them, then leasing is the perfect option for you.

Do You Like To Customize Your Vehicle

If you have ever wanted to customize your car with custom rims, sound systems, or other aftermarket customization, buying your car is probably the best option for you. When you buy a car, it becomes yours, and because of this, you can customize it to your heart’s desire. If you lease a car, you will be expected to return it to the original state they gave it to you in. If it’s not in that state, you can expect to face some hefty penalties at the end of the lease.

Conclusion

The final decision of whether to lease a car or buy a car is a big one and will affect your future in many different ways. You must take the time to weigh out all of your options and research all of the costs associated with both leasing and buying before making such an important choice. If you still find it difficult to decide which one is better for you after reading this, consider talking with friends or family that have leased and bought cars and see which way they advise you to go.