Should you lease your car or should you buy? It’s a common question, especially among those who haven’t purchased or leased in quite some time. Below are just a few reasons why leasing might be better than buying.
When You Like New Cars
Getting into a brand-new car can be tough if you don’t have a lot of money to put down and a great credit score. If you choose to lease instead of buy, though, you can expect to drive a fairly new car for the term of your lease and then move right into another fairly new vehicle when that lease is up. Leases are fantastic for those drivers who want to be in something new as often as possible.
When Payments Matter
When you’re looking at buying or leasing, one of the big differences that tends to stick out is the cost. The monthly payments for lease agreements tend to be a bit less than monthly car payments, and you rarely have to put as much money down to lease as you might have to put down to buy. The cost of leasing being so much lower than the cost of buying really stands out for those who want a great car but who are still looking to save money over the long-term.
When You Want to Avoid Repairs
Another great benefit of leasing a vehicle is that you’re almost always going to be dealing with something that is still under the factory or dealer warranty. This means that you won’t have to deal with the big repairs out of pocket, though you might have certain requirements about where and when you get basic types of maintenance done. Still, this is a good way to get in a car without having to worry about what will happen if a major part fails.
When You Want to Avoid Resale
Finally, one of the more common reasons why some prefer leasing over buying is because the value of the leased car at the end of the contract term doesn’t matter. One of the benefits of leasing is that you’re not going to have to worry about taking a loss when you sell or trade-in your vehicle. Instead, you’ll just bring the car back to where you bought it and move on to your next lease.
Leasing definitely makes more sense for some than others. If you plan on getting a new car once every few years and you’re looking to avoid the hassles that come with ownership, lasing really might be for you. While there are certain complications that come with leasing, they’re generally much easier to deal with for those who are less concerned with owning a vehicle.