Buying Vs Leasing a Car

ByTom Ando

If you are thinking of purchasing a new vehicle, you may also be considering different options of financing, buying in cash, or leasing. Thinking about leasing a car instead of purchasing crosses many people's minds. Leasing is not for everyone but it is a good alternative option. There really is not correct choice 100% of the time between leasing and buying a car but we have aimed to provide some pros and cons of leasing vs. buying.

Buying a Car Pros

There are many advantages to buying a car either in cash or financing. These are some of the most important aspects if you decide to purchase your next vehicle:

• You own the vehicle
• Ability to customize the car
• Unlimited mileage (drive as much as you like)
• Chance to drive the car many years in order to spread out the cost of the vehicle
• Option of paying off your loan and being debt free
• Have resale value
• No lease fees

Buying a Car Cons

• High monthly payments
• Repair costs after warranty expiration
• The need to sell or trade your care before it depreciates significantly

There are definite bonuses to purchasing a vehicle. You can drive as much as you want and you are able to customize your vehicle in any way that you desire. There are also no lease fees and fine print headaches to worry about!

Leasing a Car Pros

• Chance to drive a new car every two to three years
• Always have a warranty and no repair costs
• Low monthly payments
• No need to sell or trade the car

Leasing a Car Cons

• Mileage limit (usually 10,000 - 12,000 miles per year)
• High maintenance requirements
• Requires the purchase of gap insurance
• Costs more money in the long term

There a several pros and cons in both categories. From a financial standpoint, leases are cheaper in the short term while purchasing a car is cheaper in the long term. Keep in mind that it is really hard to get out of a lease if your lifestyle changes resulting from unemployment or medical expenses. However having lower monthly payments for a lease is a huge plus. Leasing a car also allows you to have a warranty where you will not have to spend money on repair costs. It is important to weight these options to determine which best suits your lifestyle needs.

There are many useful tips and advice on car buying, maintenance, and car insurance online. Make sure to do a thorough research before making a purchase.

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Insurance: Car-Auto
Tom Ando

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MLA Style Citation:
Ando, Tom".".23 Feb. 2012EzineArticles.com.28 Feb. 2012 .APA Style Citation:
Ando, T. (2012, February 23). . Retrieved February 28, 2012, from http://ezinearticles.com/?Buying-­Vs-­Leasing-­a-­Car&id=6900983Chicago Style Citation:
Ando, Tom "." EzineArticles.com. http://ezinearticles.com/?Buying-­Vs-­Leasing-­a-­Car&id=6900983EzineArticles.com© 2012 EzineArticles.com
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