When deciding to purchase or lease a vehicle, it is important to reflect upon one’s lifestyle. Do you drive a lot for your business, maybe you need a vehicle to chauffeur clients, or are you simply traveling to work and maybe the grocery store. These are all necessary questions to consider.
Leasing:
- Lower monthly payments
- Lower repair costs
- New car every two to four years
- Less maintenance required
Leasing a vehicle is going to be the more costly route in the long run. But if you prefer driving a newer and more expensive vehicle, while paying a lower monthly payment, it may be the right decision. Most leasing contracts have a mileage limit that require you to pay by the mile if you go over. In some cases, you may have to pay more when returning the vehicle if the wear and tear is more than allowed in the contract.
Buying:
- Maintenance required per certain miles exceeded
- Higher costs up front
- Higher monthly payments
Those who chose to purchase a vehicle are usually those who plan to really get some use out of it. Owning the vehicle means you are free to add accessories, give it a paint job, or add some flashy tires.
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