Should You Buy or Lease Your New Vehicle?

buy a new car Once you make the decision to buy a new car, you’re faced with a very important question. Should you buy or lease your new vehicle? Whether to lease or buy is a personal choice that you have to decide based on your lifestyle and needs. However, you can make a better decision when you know the main benefits associated with both options.

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Leasing benefits:

  • You can drive a new vehicle every two or three years, depending on the length of the lease
  • You may not need a down payment, depending on your credit history
  • Your monthly payments are usually lower when you lease than when you buy
  • You may be able to lease a better vehicle with extra features you always wanted
  • Your vehicle is always under warranty

Benefits of buying:

  • You own the vehicle so you can make any modifications you want
  • You don’t have to worry about keeping the vehicle spotless and in excellent shape to avoid excessive wear and tear charges at the end of the agreement
  • Mileage is not limited, so drive all you want
  • You don’t have to give the vehicle back at the end of the lease, when your agreement ends, the vehicle is yours

Whether to lease or buy is not always an easy decision. In addition to these benefits, there are a few drawbacks as well. For example, when leasing you are expected to keep the vehicle in excellent condition. This might be difficult if you have small children, so your lifestyle does play a major role in your decision. When buying, you’re responsible for all of the maintenance and upkeep on the vehicle and that can get expensive as the years go by.

It is a difficult decision that should be considered carefully before you make your final decision. However, taking your lifestyle into consideration and the benefits associated with both options will help you make the best choice.

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