Car leasing vs buying

In recent years leasing a vehicle has become the most suitable alternative to buying. Some people still find buying a car the best thing to do except that one is required to make higher monthly payments.  While leasing a car can be an inexpensive option considering the fact that the monthly payment that has to be made is quite less as compared to the payment that has to be made while purchasing a car.

Be it car lease or buying a car both the scenarios have their own pros and cons and the decision totally depends upon your one’s lifestyle and how do they prefer paying for it. Those who are fond of high ended cars and prefer changing cars periodically then leasing is not a bad option while for those who prefer sticking to one car for a long time for them buying is the perfect option. Both the things have their pros and cons so one should first read and study about them before they make a choice.

Pros and cons for leasing

Car lease can be more appealing than buying as the monthly payments are low and also that you are not responsible for all the extra things that one needs to get done in a car.

  • You can drive a better car for less money
  • You are always driving a new model and also one that’s usually covered by the lender which includes oil charge and the scheduled maintenance.
  • You can drive a higher priced car, better equipped vehicle which otherwise you cannot afford.
  • You don’t have to worry about the fluctuations and changes in the car’s trade in value as you are free of the hassle of selling the car.
  • There are tax advantages if you are a business owner.
  • You can drive a new car every two-three years.
  • Leasing can cost more than the loan that you might take to buy a car; as the price of the car constantly keeps on depreciating.
  • If you keep on leasing car after car then the payments might go on forever.
  • You have limited miles for driving and if you want to increase the miles then you have to pay for them.
  • If you would want to get out of the leasing contract in the mid then you might have to pay extra money.
Just like leasing has two sides of the coin in the same buying of a car also has its pros and cons that one should be familiar with.

  • You can modify or revamp your car the way you want.
  • You will save money over a long period if you buy a car.
  • There is no mileage limit or penalty if you drive more than the set limit.
  • Monthly car payments are higher than lease payments
  • You are completely responsible for the repair costs.
  • You will have to think about selling the car before buying a new one.
Just like everything car lease also has its pros and cons and comparison with buying a car that is important for one to know.
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About Dhanur Chauhan

I am professional blogger share guide about WordPress, blogging tutorial, seo techniques, making money from blog and getting traffic to the blog.