When it comes to getting a new car, there are a lot of different options. One of the biggest decisions you will have to make is whether to buy or lease. There are advantages and disadvantages to both options, so let’s take a closer look.
Pros to Leasing
When you choose to lease, you will have a lower monthly payment which is the biggest appeal to most drivers. Lower costs also allow for more freedom in what vehicle to get. Models that may have been out of budget to purchase can be accessible with leasing.
Since you do not own the vehicle, you don’t have to worry about changes in its market value. When your lease is over, all you have to do is bring it back to the dealership! It makes changing vehicles simple and easy. That’s why people who like to have the newest models tend to opt for leasing instead of buying.
Cons to Leasing
With leasing, you do not get ownership of the car. While this may seem obvious, many drivers do not think about what this means. When you are leasing, you are limited in the things you can do to your vehicle. Customizations are typically not allowed, and the vehicle has to stay in great condition to avoid fines later.
Another con is that most leases have a limit to the number of miles you can drive in a year. Going over will result in an additional fee. This is something that many people overlook, but it is important to consider if you travel often.
Pros to Buying
Unlike leasing, when you buy a vehicle there is an end goal. After some time, the monthly payments will end, and you’ll fully own your car. Meaning you get all the freedoms you don’t have when leasing. You also get to keep it as long as you want to without any worries.
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Cons to Buying
It’s great to own your vehicle, but it is a huge responsibility. Unless you purchase with cash, you will be making large payments for several years. All maintenance needs are also your responsibility. Making that big of a commitment can be difficult, and it’s a good idea to discuss your options with a professional.
If you have more questions about the financing process, our finance team at Amigo CDJR is here to help. They can walk you through all your options and help decide what is best for you and your budget.