Should You Buy or Lease Your New Vehicle?
Whether doing it for the first time or another round, car buyers depend on their budget and personal preferences. It plays a significant role in a car buyers’ decision to buy or lease a vehicle. But MarketWatch observed a notable increase in car leasing; it went from 31% in 2019 to 52% in 2020.
If you are trying to think of the best option, you have first to know the benefits of buying and leasing, and always ask the question: “Where could be the best car dealership near me?” to help in your decision-making.
Benefits of Buying a Car
Total car ownership only happens when you pay it in cash or when your car loan is paid in full. And whether you decide to purchase it in full or through a car loan, benefits are always great.
1. Lower Payments in the Long Term
When a buyer decides to take a car loan, a substantial down payment is always present; after that, the following payments will be lower—lower than leasing since the new car owner won’t worry about mileage limits.
2. Car Customization
Car “owners” can tailor fit a car according to their needs or preference. Some opt to focus on additional car protection, while others go for better performance.
3. Owning the Car After the Loan
Finally, full ownership. But it doesn’t stop there; a car may increase in value when given proper maintenance, unique customization, and a reasonable selling price. Yes, for some people owning a car also means owning a future asset.
Benefits of Leasing a Car
If you are a person with a budget but not enough to purchase a car, leasing is an excellent option to consider.
1. Low Monthly Payments
Low costs often attract people due to its low payment scheme than that of a car loan. Also, there is no need to pay for an upfront sales tax since the tax is included in the monthly lease payment.
2. Lesser Repair Costs
When a leased car needs repair, people who choose to lease a car don’t need to worry that much if a manufacturer warranty is issued, which can cover some repair costs.
3. Not Needing to Worry About Resale
Once the leasing term expires, the buyer only needs to return the vehicle to car dealerships in San Diego, for example, or lease a new car. That gives the buyer the reason not to worry about getting a fair trade-in value for the vehicle.
So those are the pluses of both buying and leasing; see this infographic from CarBevy to learn more about the two options we’ve presented to you.