To buy or to lease? That is the question going through many car shoppers’ minds. It is a difficult decision and to make sure you are happy with your choice, you need to know all the important facts. Here we are going to outline some benefits of both and tell you what the credible sources out there are saying.
So to start, lets look at the benefits of leasing a vehicle. One of the biggest benefits is the option to drive a new car every two or three years at a lower monthly payment than the purchase alternative. This sounds like a dream come true to many car shoppers who are having a hard time choosing a car, but we also need to pay attention to the biggest part of the commitment; the cost. On Cars.com, they talked to an expert.
“Lower payments and full factory warranty aren't the only reasons to lease — leasing also offers purchasing flexibility, according to Michael Kranitz, creator of LeaseWizard.com software and author of "Look Before You Lease: Secrets to Smart Vehicle Leasing." Leasing allows consumers to defer the purchasing decision while they're using the car. "In the meantime, I have a three-year test drive," Kranitz says.”
SmartMoney.com also agreed about there being many advantages when talking about low down payments, low monthly payments, and easy turnover. The average consumer purchases a new vehicle every three years and most consumers opt for a five or six year loan commitment with a purchase option. In this scenario, the average consumer would owe more on the vehicle they purchased than the current market value along with a factory warranty that has expired due to mileage or time of ownership.
Overall, the important things to think about are all about lifestyle. How often do you purchase a new car? How many miles per year do you drive? Does full factory warranty give you peace of mind?
Now let’s look at the advantages of buying. Lifestyle is also very important in this case. Purchasing is a great option if you plan to keep your vehicle for 6, 8, 10 years or are considering doing any customization to your vehicle. If you plan to own a vehicle for many years and want to enjoy no monthly payments after loan commitments are met, purchasing a vehicle is a great option. Also, purchasing is the best option if you only drive 3-5,000 miles per year as a lease has a minimum yearly mileage of 10,500 miles.
Pros of Leasing
-Lower monthly payments
-Full Factory Warranty
-New Vehicle every 2-3 years
-Little or no down payment
Pros of Buying
-Equity after loan commitment is met
-No monthly payment after loan commitment is met
-No mileage restrictions each year
-Customization is enjoyed and can add value.
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