Car Leasing Versus Car Buying

So you’re in the market for a new vehicle, but not sure whether you should buy a car or lease a car. It’s difficult to determine which route best suites you financially and individually. Leasing has once again become very popular, with nearly 30% of all new-car sales being sold as car lease deals. This number might actually be higher if more people were familiar with the ins and outs of car leasing.

Several different elements factor into the decision between leasing versus buying a car. To many car shoppers, it seems more appealing to lease. Some of the main reasons to lease are:

  • The extent of a car lease is short, which means you can get in and out of vehicle within two or three years.
  • Monthly lease payments are typically lower than loan payments.
  • If a problem arises with the vehicle, you just bring the car into the dealership for maintenance.

The majority of car shoppers are aware of the buying process, baring certain circumstances. Start by determining which vehicle you’re interested in purchasing and do your homework and research on not only the car, but your financial situation as well. Negotiate with more than one dealer until one offers you a price within your range. Finally, choose whether you’re going to work with a credit union or financing through the dealer or another third party. Some of the main reasons to buy are:

  • At the end of the loan, you fully own the title of the vehicle.
  • There are no caps or restrictions on the amount of miles that can be driven on the vehicle.
  • Once you’ve paid off the loan completely, you can continue driving the car with no monthly payments.

Before going out and leasing or buying a new car, do your research. Know what you can afford and be aware of your financial situation. Do you like to have a different car every few years? Can you make monthly payments for a newly purchased car? Do you drive extended distances every so often? Evaluate your circumstances to determine which option best fits you.

For more information on leasing versus buying or to learn how you can have a successful car lease trade, contact at 866-SWAPNOW.