Lease vs. Buy
Leasing and traditional buying each offer unique advantages.
Here’s what you need to know when you choose between them.
More Americans are choosing to lease their new vehicles than ever before. Here are some of the advantages:
Since you’re only paying for the depreciation during the period you use the vehicle, your financial responsibility and your monthly payments are reduced significantly.
Peace of Mind
Most leases last for 3-4 years, the period when a new car is most reliable and enjoys the most extensive warranty coverage.
When a lease expires, you simply turn your vehicle in. There’s no need to worry about selling it or trading it in.
Most people who lease enjoy driving a brand new car every few years. And if you spend a lot of time on the road for business, leasing can also offer attractive tax advantages.
Most Americans still choose to finance their new cars with a loan. Financing a vehicle offers:
Once you’ve paid off your loan, you own your vehicle free and clear. You can keep it as long as you like, and while you’ll be driving an older car you’ll be free of car payments
for as long as you keep it.
Leasing requires that you drive no more than a certain number of miles every year. Owning your car means you can drive it as much as you like, as far as you like. However, the more you drive, the less equity you will have after you finish paying for it.
When you lease, you’re responsible for returning your car as you received it. When you finance your vehicle, you get to make your own decisions about how your car should look and how it should be maintained. If you want to put in a new stereo or take your time fixing a dent, it’s your call to make.
Lease or Buy?
When you’re deciding between leasing and financing, ask yourself a few simple questions:
The main determining factor is the length of time you intend to keep your new car. If you tend to replace your car every 2 to 4 years, you should lease, regardless of how many miles per year you drive.
If you like to keep your car for a long time, generally 5 years or more, you are better off buying your car. However, you can limit your monthly expenses by leasing it and buying it after the lease is finished.
Whether you choose to lease or buy, Cars Express will make sure that we meet your needs…
And our services are free!