If you are getting ready to go look for a new car, you might want to take some to consider your payment options. Many people only consider buying a car in their own name. This are certainly many positives to doing so, but there are some extra expenses that you might not be aware of as well. This is why you will want to consider the possibility of leasing a car as well. To help guide you as you make this important decision, look through the following information and determine what is best for you before you sign any contract at the dealership.
Think About How You Will Use the Car
This is seems like a logical thing. You will, of course, be driving the car. The key, however, is to determine how many miles you plan to drive it. With a lease, you will be limited because the dealership retains ownership over the car. They want you to return it at the end of the lease with a low enough odometer reading that they can then turn it around and sell it for a good price. If you do not plan on driving this car very far, a lease can be a good option. When you buy a car, however, you can drive as much as you want without having to worry about the amount of miles you are putting on the vehicle. Just remember that the more you drive, the more wear and tear you cause and the likelihood for costly repairs will increase. You will also not be able to sell the car for as much as you would like if it has too many miles on it.
Think About Your Comfort Level With Repairs
People buy a car because they want dependable transportation. For the most part, this is what you get for the first few years that you have a new car. The chances of a major repair becoming necessary is pretty slim, and even then it will be covered under the manufacturer’s warranty in many cases. The older the car gets, however, the more likely repairs are to rest their ugly heads. If you buy a car, you will need to pay for those cars. This is another reason that people are hesitatant to pay top dollar for a used car. They simply do not know how reliable the vehicle will be. With a leased car, however, repairs are never really an issue. You will always be driving the car when it is new.
Think About the Monthly Payments
With a lease, the monthly payments are usually quite a bit lower. This is a trade off for you not actually owning the car. At the same time, you will not be able to make any modifications to the vehicle so keep that in mind. It is important to note that, while you own the car that you buy, you will likely have to pay more out of pocket at the beginning in the form of a down payment. You will also have higher monthly payments to take into account. If you qualify for a lease based on your credit, you will likely discover that the payments are quite affordable. At the end of the lease, you can always turn it in and get another new one.
Take this information and decide for yourself. A lease is certainly a popular option today and comes with many advantages. If it works for you and your situation, you will be on your way to a new car in no time at all.