Buying a car and leasing a car are two entirely different concepts. One leaves you with sole ownership, while the other lets you get a new car every two years. So when it comes time to get a new vehicle, which option is the right option for you? Luckily, there are few things you can consider when trying to decide which option is best for your lifestyle, your budget, and your overall needs. Below is a look at the difference between leasing a car and buying a car.
When you are preparing to lease a car, you should consider all the options. Leasing is a great way to give you the car of your dreams, and in as little as two years, you can get a different brand new car off the lot. Another great thing about leasing a car is the ability to have lower payments. Often, loan payments are costly, and you are in a legal binding contract for many years. However, leasing means lower payments for a shorter amount of time, which can be great for those who are on a tight budget. The only downside of leasing is the inability to customize the car and drive it for as many miles as you wish. Since driving over the allotted miles can induce fees, you should only lease if you drive very little during the year.
Buying a new car is another great way to acquire that car of your dreams, and there are several great things about purchasing your car. You see, when you purchase a car off the lot, the car belongs to you. You can customize the car as you see fit, drive it as much as you want, and you don’t have to worry about dealer fees for normal wear and tear. However, the price of owning your car can be costly. Loan fees, insurance costs, and upkeep fees can add up quickly, making a new car a more expensive adventure. Loan periods also last much longer than lease periods, meaning you can’t get a new car as often. For some people, buying a new car every few years is not top on the priority list, but for others, it might be a big issue.
The Better Option
So which option is the best one for you? If you have children or you drive quite a bit during the year, buying would be the best option for your lifestyle. If you are a single adult who drives little during the year, leasing would be the better option. However, there are only a few ways that you can truly tell which option is the best for you. One, you can consider your lifestyle because it can determine whether having a leased car or a bought car is better. Two, you can consider your budget. Since leases are cheaper, you might be more inclined to go with the least expensive option. Three, you can consider your dream car. Since some cars are just as expensive to lease as they are to buy, you might be more inclined to purchase the car outright.
The Next Step
Now that you have decided which option is better for you, what do you do now? Well, you can start by going to your local dealer and talking over the different options for leasing and buying. Your dealer will be able to help you get the necessary paperwork together to begin your lease, and they can explain all of the mileage and wear and tear rules that come with your lease. Once you have spoken with your dealer and chosen your vehicle, you can start your lease period, driving off the lot in a brand new car of your dreams.
When it’s time to get a new vehicle, you need to decide whether you want to buy or lease. While buying has many good things about it, leasing has better pricing, better car choices, and better chance to get a brand new car every few years. Before you begin either process, you should consider which option is the best for your lifestyle, your budget, and your choice of car. Once you have decided, you can begin the process of getting your new vehicle.