Leasing vs. Buying a Car: Which Option Is Best for You?

The debate over leasing versus purchasing a car has been around since car dealerships first offered leasing as an alternative way to driving a new car. While the argument is an old one, some of the circumstances have changed. As a result, the same option that was best for you in the past may not be the same for you today. Most people are going to make their decision according to how they can get the best value for their money, but the best value for one person may not be the same for the next.
leasing vs buying a car at grava dealership in medford, ma

Ownership: A Cay Buyer’s Goal

Nothing compares to the feeling of owning your first vehicle. Although true ownership doesn’t come until the last payment is made, you never have to feel like following someone else’s rules. It’s up to you how far you drive it, how long you keep it, and how much you ask when it’s time to sell or trade for a new one.

When you lease a car, you don’t pay for the actual car but for the depreciation on it during your lease. When it gets to the end of your lease agreement, the car goes back to the dealership, and you have nothing to show for the money you have invested.

For some drivers, the most important factor is having transportation when they need it. They don’t want the hassle that comes with an aging car or from having to try to sell it once it is no longer wanted. They prefer paying less for the privilege of driving a newer vehicle instead of owning an older one after the payments have all been made.

Driving Distance

The mileage limit has always been a deal breaker for some drivers and, now, they are being lowered even further on some deals. This can be a real issue for drivers who commute long distances to work or who have to go out of town regularly.

For those who live close to the office and rarely venture out beyond the grocery store or local mall, the mileage issue really isn’t an issue at all. Do an honest assessment of how much you drive weekly, monthly, and yearly to see how your mileage needs stand up against what a rental will provide. If you go over, you could end up paying a lot more than expected.

Bigger, Newer, Better Vehicles

which option is best for you leasing or buying a car

Leasing usually requires less money up-front and lower monthly payments. For many drivers, that means having the option to upgrade their vehicle selection without having to pay more. Once the lease agreement is up, you can trade your current vehicle in for a new one and start with a new leasing contract.

Leasing used to be largely for people who wanted to drive luxury cars without the expense. There are still a lot of drivers who prefer leasing a car to buying because it means getting more vehicle. Today, more mainstream sedans and compacts are available as leases as well, adding to the appeal for a broader range of drivers. No matter what kind of vehicle you want to drive, you can get it for less when you lease.

The downside for some people is that while the payments are lower on a lease, they never end. You have to keep making monthly payments for as long as you drive. When you buy a new car, you can have payments spread out for five, six, or even eight years. Once you make the last payment, you don’t have to pay again until you purchase a new car.

The decision to buy or lease is an easy one for some drivers. For others, it may be difficult to see which option has the most pros for their driving needs. When you are ready for a new vehicle, contact us at (877) 544-9238, and we will help you make the right decision for you!

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