Buying vs. Leasing Cars: Pros, Cons and How to Decide What’s Right for You

When it is time to acquire a new vehicle, it is worth also taking time to consider the pros and cons of leasing a car vs. buying one. Each choice has certain drawbacks to recognize and compare before making your final decision. Each also has numerous benefits as well, which are also worthy of research and consideration.

Should I lease or buy a car? This question is asked by drivers all around the U.S. today, especially by people looking for the best vehicles at the most affordable prices. Read ahead to learn the pros and cons of buying vs. leasing cars.

Know the Pros of Leasing a Car
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Vehicle leasing is a popular option for many U.S. drivers. Experienced lease drivers know about most car lease benefits and have been enjoying their experiences for years. Not all U.S. drivers are as familiar with the leasing concept and process, however. Leasing offers a certain convenience and peace of mind because many pressures and responsibilities of owning an automobile are eliminated. Leasing also gives many drivers a fun boost in confidence and self-assurance because impressive newer vehicles are provided at the end of each lease term. Read more about the benefits of leasing an automobile below.

One of the favorite perks drivers enjoy about leasing vehicles is convenience. Once you are approved for a lease agreement the continued process of leasing new vehicles is generally simple and fast. Hassle-free trade-ins on qualified returned vehicles allow you to step into a newer model every few years or less. This provides variety for drivers who like to change their driving experiences frequently. This also allows drivers to constantly drive the latest models, which creates a fun boost in the personal image.

When most people think about leasing an automobile, they do not immediately consider the boost it might provide in their personal image. Driving a newer vehicle presents a strong, stable appearance.

This is not all about vanity, however. First impressions and continued appearances are important for many types of businesspeople. This applies to realtors, salespeople, attorneys, and people who work in the media or entertainment industry.

Stress is a major influence in many people’s lives today. The less stress you experience, the healthier you are. When considering whether to lease or buy a car, it is important to recognize the way leasing removes certain stressors associated with vehicle ownership. Lease agreements include warranties, which extend throughout the life of the lease.

Yes, you are likely still responsible for handling and paying for routine maintenance services, but most breakdown-related and major issues are covered. Because leases put you behind the wheel of newer automobiles, you also get the peace of mind knowing your vehicle has the most advanced, modern safety features available.

Lease agreements involve lower monthly installment payments than car loan payments. This allows you to drive a newer model vehicle for less money each month than if you bought one. You will still need to come up with a down payment. A larger down payment generally equates to even lower monthly lease payments, however. Are you driving a leased vehicle for company or business purposes? If so, your monthly payments might qualify as tax deductions.

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