Lease vs Buy
Benefits of Leasing
- Smaller (or no) down payment
- A new car every few years
- You can drive a better car for less money
- No long-term commitment
When you lease a vehicle, you're only paying for the portion of the vehicle you use over the course of the lease, which usually lasts two or three years. Because you're not making payments based on the entire value of the car, your monthly payments will be lower. There are very specific stipulations about the number of miles you can drive a leased car, the condition the car must be in when it's returned, and penalties associated with ending a lease early, so it's very important to read a lease agreement carefully. As with buying a car, there may also be various finance charges and fees associated with leasing a car.
Benefits of Buying
- Pride of Ownership
- The ability to modify and change your car as you will - bumper stickers, modified parts, added accessories, and more are yours to use as you please
- Cost of owning is more economical in the long term - one vehicle to pay for, a potential lifetime of automotive reliability
- No restrictions on mileage
- Ownership flexibility - you can sell your vehicle whenever you want, be it a week after full ownership or fifty years
Buying a car is more economical in the long run; if you plan to keep your vehicle for ten years and continue to maintain it properly, it is less expensive than leasing several vehicles in the same length of time. There's also, of course, no limit in how many miles you can drive and you can sell it whenever you please. Simply put, you can use your car in any way you need for as long as you need. It is also a good feeling to own a car. That feeling of ownership can mean a lot to certain customers.