So you’re in the market for a new car. Drivers now have the option to buy a car or lease a car, both of which have appealing advantages. Similarly, there are disadvantages to both choices. For many, one option is a little better than the other. To find out if buying or leasing is right for you, continue reading.
Step One: Consider Monthly Costs
When you buy a car, you own it immediately. You decide how many miles to put on it, you modify it as you like, and you decide how much you’ll pay a month. If you put all the money down at once, you’re free of monthly payments. Under other contracts, you can set low monthly payments with a larger down payment. With a lease, on the other hand, there’s no (or a low) down payment. Then you have a fixed amount of money you pay every single month to drive the car.
Step Two: Finance Your Decision
Those who buy their car will likely use someone else’s money to finance the vehicle. You may take out a loan to your personal bank or through a company that specializes in auto loans. While this can help improve your credit, it can also be difficult to find the best loan provider for you. Those who lease a new car are paying with their own money through fixed monthly payments. A benefit to this is you have no need to work with a lender, and you can even write off a portion of your leasing costs on your taxes if you drive your vehicle for work purposes.
Step Three: Get the Car You Deserve
A major difference between buying and leasing is when you buy, you get as much car as you can afford. When you lease, you get more car for your money. It’s more affordable to purchase older, used cars when buying a vehicle. However, when you lease a car, you’re getting a brand new and modern vehicle (for a temporary time).
Step Four: Mileage and Maintenance Matters
The major perk to buying a car is you can put unlimited mileage on it. Drive it wherever you want, whenever you want. There are no limitations. But, with a leased vehicle, there are set mileages stated in your lease agreement. You may not be able to go on that road trip with your leased vehicle. When it comes to maintenance, many lease programs cover all maintenance costs for the duration of the agreement. This is a great way to get more bang for your buck. When you buy a car, you might have some maintenance discounts, but not all dealers offer this.
Now that you’ve weighed out the pros and cons of buying and leasing, you may be one step closer to making a decision about your new car. For a little extra help, check out our services at New York Autobrokers. We can help you with sales, leasing, and financing, making us your one-stop-shop for covering the costs of your next car. To get in touch with us, feel free to give us a call at 877-568-2215. We look forward to hearing from you soon!