You're more likely to buy
- When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. And that can really add up.
- If you like to personalize a car, this investment can be lost on a leased car.
- If you like the idea of ownership, you are less likely to be happy with the lease option.
- If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
- If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at least 3 years.
- If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.
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You're more likely to lease
- Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
- When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
- Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
- Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
- If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.
- If you own the company, and you use your car for business, check with your tax advisor. You may be able to deduct your auto expenses, including your monthly lease payment. And if the company you work for gives you a monthly car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.
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When it comes to upgrading to your next vehicle, there are two main options: leasing vs. buying a car. So, you may already be asking yourself, "should I lease or buy a car?"
There are many factors to consider when deciding whether to lease or buy a car. Both have benefits and drawbacks, so how do you know which is the right choice for you?
So, why lease a car? Here are the top benefits of leasing a car vs. buying:
1. You don't have to worry about depreciation.
When you lease a car, you only pay for the portion of the car's value that you use during the lease term. You won't have to think about depreciation because you're not responsible for the car's resale value – the leasing company is.
Depreciation can be a major financial burden if you choose to buy a new car. If you lease, on the other hand, you can simply turn in your keys and walk away at the end of your lease term without any further financial obligation.
2. You can often get a nicer car for the same price.
One of the biggest benefits of leasing a car is that it generally costs less than buying one outright.
When you lease, you're only paying for the vehicle's depreciation during your lease term, plus any lease fees and taxes. This can end up being significantly less than what you would pay if you were to purchase the same vehicle.
3. Leasing offers more flexibility.
Leasing terms are typically shorter than auto loan terms, so if your needs change or you'd like to upgrade to a newer car sooner, it's easier to do so when you lease.
Leasing gives you the opportunity to drive a newer model car more often than if you were to buy one.
With leasing, there's also the option to purchase the car at the end of your lease term if you've fallen in love with it and don't want to part ways. So, leasing offers more freedom thanks to shorter contracts and the ability to switch cars more often.
4. You won't have to worry about selling the car later on.
Once your lease is up, you simply return the car to the dealership and walk away. Or, you always have the option to purchase the vehicle if you've fallen in love with it and don't want to see it go.
However, if you decide to move on to your next vehicle, you don't need to find a buyer, haggle over prices or deal with any of the other hassles that come with selling a car.
Plus, there's no chance of getting stuck upside down on your loan, which can happen if you sell your car for less than what you still owe on it.
All in all, leasing provides a much simpler way to upgrade to a newer car every few years.
Buy Vs. Lease in Columbia, MO
Those are some of the top reasons to lease a car instead of buying one outright. With lower monthly payments and more flexibility, leasing could be the right choice. But ultimately, it comes down to what you value.
If you're on the fence about whether to lease or buy your next car, keep these key advantages of leasing in mind. Leasing could be the better option if you want affordability, flexibility, and convenience.
However, there are plenty of perks to buying a car, including outright ownership, the ability to customize your automobile as you see fit, and the potential to have no car payment after paying off your auto loan.
Now that you understand the benefits of leasing vs. buying a car, which will you choose? As always, do your research before making any major financial decision like this one.
The Columbia Honda team is here to assist all Columbia, MO, area motorists with their lease vs. buy decision, so feel free to contact us today.