I have done both, and I think buying is better. Comparing the two: leasing you are limited on mileage, you will get to drive a new car for less money a month, but in the end you have to turn the car in (or lease another ). Many leases you have to put down a couple thousand dollars to get a low payment. And all the money you spend leasing, you could have used to buy. Buying - this is your car and you can sell it at anytime. Your bill may be a little higher, but in the long run you own the car at your final loan payment. Buying you have no mileage limitation - you can drive as much and as far without the worry that you are going over your miles. Leasing - you have to pay additional money for going over the mileage you signed for - usually 12,000 miles a year on a lease.
Lastly, if you drive less than 1,000 miles a month and like having the latest vehicle all the time, making payments every month, leasing is for you.
It really isn't that great to lease cars, unless you own a business. Think about it - you are paying pretty hefty monthly payments for something that you will never own. At least if you buy a car, you can resell it and recoup some of your money or trade it in for a new one down the line. You also have to be careful with the terms and conditions when you lease a car. Some stipulations are that you can only put a certain amount of mileage on the vehicle. If you are thinking about leasing a car, just make sure that you understand all of the terms and conditions so that you don't get stuck with a payment or car that you're not happy with.
It is a tax question based on your employment, benefits and income level. Companies tend to lease their cars for key employees.
by Vince18 months ago
Should I buy or lease my new car?I have always bought new cars, leasing is starting to sound better to me. Should I keep buying or lease, tell me why you do or the benifits of either to help me make a choice.
by Webskitzo7 years ago
Should I buy or lease a new vehicle?A big truck to be specific...don't know if that changes the answer or not. Thanks!
by O2 years ago
To lease or finance a car, what do you think?
by Bellamie3 years ago
So I have a '92 t-bird and a 2006 taurus, both fords. I actually like the t-bird better than the taurus, except for the fact that the t-bird is in need of another transmission. I lost the overdrive while...
by BlissfulWriter4 years ago
What is the difference between renting and leasing?Why some say "for rent" and others say "for lease"? Aren't they the same? Or is there a technical difference in definition?
by MrSyntheticOil6 years ago
How often should I trade in my car, or vehicle, for a new one?Factors like depreciation, balance on the loan and condition are part of this.
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