Purchasing a vehicle can be a stressful process with all the decisions that need to be made. While determining the model of the car you want is an important decision when purchasing, another critical choice to make is whether to buy or lease.
Roughly one in four people decide to lease a car, but there are pros and cons to leasing a vehicle. One of the most popular advantages is that you’re typically driving a later model car that is still covered by the manufacturer’s warranty, so repairs are typically covered on the lease. Many people also prefer to lease because they can drive a new car off the lot every few years and they don’t have to worry about depreciation or trade-in value when looking for a new vehicle.
Buying a car, on the other hand, offers several advantages as well. Firstly, you are the actual owner of the vehicle. This allows for selling or trading the car at any time. You can also keep your car for longer than your financing term, which means you may not have to make car payments, possibly for several years. However, when leasing, you might have to pay a penalty if you end early.
When deciding to buy or lease, consider the type of vehicles you’re interested in and how long you will be driving the vehicle. You should also consider how many miles you will put on the vehicle. Weighing the pros and cons of each option will help you better decide on leasing or owning a vehicle. Check out the additional resource below for more information.
Infographic created by O’brien Toyota
