Should I Buy or Lease a Car?
Is Buying or Leasing a Car Right for You?
When it comes to getting into a new vehicle, you’ve got a choice to make: are you buying it or leasing it? Both options have certain advantages and disadvantages and may be a good or bad fit for you, depending on your situation. You’ll want to ask yourself some questions before moving ahead with one option or the other.
How Many Miles Do You Expect to Drive per Year?
All automotive lease contracts come with mileage restrictions. Keeping the vehicles under certain annual mileage caps allows the dealerships to get premium resale after the lease. A three-year-old pre-owned vehicle with 30,000 miles will command a much better price than the same vehicle with 50,000 miles on it. If you make too many trips, you may find yourself getting payments lumped on at the end of the lease, potentially thousands of dollars. However, if you don’t plan on driving much, this won’t come into play.
Straight out buying the vehicle, on the other hand, means you can drive it to your heart’s content! It’s your vehicle to do as you wish, so if you want to put on 15,000-20,000 miles per year, you’re free to do so. For folks who have long daily commutes or go on road trips often, buying means you won’t be logging your miles and keeping an eye on whether or not you can make a trip and risk having to pay hundreds extra on the lease.
Do You Want Always to Have the Latest Technology?
The rapid advance of automobile technology means that there will be a major evolution every three or four years. If you want to take advantage of that, a lease generally only runs three or four years. You can turn it in and get a new model with the latest technology whenever your lease is up! In a financed car, you would need to add the technology in as piecemeal, aftermarket technology. If you want to take advantage of the new vehicles with new tech, you’ll have to do through the rigors of selling it, which will take a lot more time and effort than just turning it in and getting the new vehicle.
Do You Love Your Car?
Let’s face it, and it can be easy to fall in love with a car. They become a part of your life, and you’ll get used to how they drive, how they feel, how you customize it. Probably even wear in a groove in the driver seat that fits you just right! If you intend on having your car for years to come, you can afford the payments right away, and you think you’ll fall in love, buying is the way to go. In a lease, the good news is that you can keep the car at the end of the lease period. However, you’ll have to take over payments for the vehicle. It’s a convenience that may cost you -post-lease payments are more likely to be higher than if you had been paying off the vehicle from the start. It’s a bit of a coin toss in this case.
Do You Have a Big Down Payment to Use?
Not everyone is rocking big bank accounts, particularly in difficult economic times. That doesn’t mean a vehicle is out of reach. You can still buy a car – however, no-money-down financing often comes with high-interest rates and high monthly payments. A trade-in can chip away at the overall amount and lower the interest rates and monthly payments if they are worth enough.
On the other hand, many leases come with a minimum or no down payment, and your monthly payments won’t be as high. They are super affordable, which is what makes so many people opt for them. Budget is often the deciding factor in car hunting. Even if you want to own the car in the long run, a lease might be a great way to start if your money is tight at the start or if you can’t afford full monthly payments at the beginning of purchase.
Do You Want to Stand Out from the Crowd?
You want your vehicle to be you. To be unique. To stand out from the other tan blobs on the roadway. Unfortunately, if you’re leasing, you won’t be able to make any severe or permanent changes. Part of your lease agreement is that you must return the vehicle without any substantial changes or deviations from when it is driven off the lot. If you buy it straight out, you’re free to do as you please! Only your imagination and budget can stop you.
How Do You Feel About Maintenance?
The minute a car rolls off the lot, the maintenance begins. Leasing means you have it easy about as long as the warranty lasts – which is generally longer than lease terms. You’re still responsible for regular maintenance, such as oil changes and tires. But the warranty will cover the great majority of what may occur at that time. When the turn-in comes, you’ll move on to the next vehicle that will have a warranty in place and ready to go.
Buying a car means you’ll still own it once the warranty runs out, and all further repairs will be hitting you in your checkbook. You’ll still be able to go to the dealer and get the work done, but there will be no writing off work; it will need to be paid off in full.
Live in a High-Risk Area?
Insurance is fairly basic – if you own the car. Leasing agreements often require extra insurance, particularly gap insurance that covers the cost of replacing the car. Leasing will have certain requirements for types of damage and cost incurred. Buying a vehicle allows you to opt for the level of coverage you want – you can go lower than what would be required in leasing if you feel confident.
How to Transport a Car You Buy in Another Location?
So, weigh how each situation matters to you, and figure out whether leasing or buying a car is the right move. Maybe the right vehicle is from out of the area – maybe you’ve found it at an online auction or a dealer a state or two away. Number 1 Auto Transport is the perfect solution to getting that vehicle to you quickly. Without putting extra miles on the odometer – critical if you’ve got a leasing agreement with low mileage allowances! Once you’ve found the right vehicle, come to the right auto transport company for you, Number 1 Auto Transport.