- Buying & Selling New & Used Cars
3 Benefits to Purchasing a Car Outright Instead of Leasing It
When at car dealerships, all buyers are given the option of either buying a vehicle outright or leasing it. There are different terms and conditions involved with each, which means that each option has its own unique benefits. Those who are interested in paying for the car outright will be able to enjoy the following benefits.
It’s Possible to Get Rid of the Car at Any Time
When purchasing a car on a lease, the car dealerships may charge an early termination fee. This early termination fee may cost just as much as sticking with the contract. This means that many leasers are locked into a contract, and cannot get rid of a car early even if they wanted to.
Those who purchase a car outright will not be bound by these rules. They are free to sell the car whenever they want to. They can sell the vehicle back to the dealership or they can even list it online to find their own buyers.
There Are No Restrictions on Mileage and Other Factors
A leased car cannot be driven in any manner that is desired. For one, the leaser basically has to agree to drive the car only within a certain amount of mileage. Those who exceed the mileage will be charged certain fees. The more that the car is driven, the higher the fees become. Those who purchase their car outright, on the other hand, are not bound by any restrictions. They can clock hundreds of thousands of miles on their vehicle within a year if they’d like.
They’re also not bound by any other restrictions. For example, they are not held responsible for wear and tear although they do have to pay for repair fees out of their own pockets.
The Vehicle Can Be Customized In Any Way
Since the person who has leased the vehicle does not technically own it, they are not allowed to customize the car to their liking. This basically means that the vehicle needs to be returned with its original parts and in a salable condition. Modifications and custom parts are highly frowned upon. Those who install modifications and custom parts will need to remove them when returning the vehicle.
Unlike those who have leased the vehicle, those who purchase a car outright from a car dealer can customize and modify their car however they’d like. They don’t have to answer to nobody but themselves.
There are unique benefits to both purchasing and leasing a vehicle. Those who are interested in purchasing the vehicle will have to put more money down for the deposit or will have to pay for the total cost of the car on the spot. However, they do have more freedom to do whatever they wish with the vehicle.