Choosing a new car is difficult enough. But once you’re done with that, you still have to figure out the best way to finance it. If you’re wondering whether you should buy or lease a car, the answer is: it depends. It depends on your lifestyle and the vehicle. Here are some things to consider.
What will you use it for?
If you want something upscale and fancy that you’ll use to impress at work or with clients, then leasing can be a good option. Leasing a car lets you pay less per-month than you would if you were buying, and often with no down payment. This means that you can get fancier cars for a lower cost.
But, if you want a car that will be reliable, safe, and last you a long time, then buying is the better choice. You can get something with the latest safety features and engine options that will last you far beyond the span of a lease.
Where will you take it?
If your first answer is “far,” then leasing isn’t for you. Lease agreements come with limited mileage per/year, and if you go over the mileage you’re allotted it can add up quickly. Plus, at the end of the lease, you’ll have to pay for any damage beyond the normal wear and tear. Neither of these things are a factor when buying a car.
Thinking these things through will help you understand whether leasing or buying is right for you. Both have their ups and downs, but one is sure to fit your lifestyle better than the other.