If you are in the market for a new car then you are probably trying to figure out the difference between buying and leasing. It seems like it is the same, either way you drive off in a new car. So what is the big deal? Which one is really for you? There are a couple things that you are going to want to think about before you decide. So let’s get started.
Everything always comes down to money, or at least it seems. The first thing that is going to come up when you are looking at used cars nearby Englewood is the cost. You know you are going to have to apply for financing but when you start looking you are going to be asked where you want to buy or lease. Generally, the lease option is going be less than the buying option. The reason is you are not purchasing the car but rather you are purchasing the time in which you will be using the car. Basically, you are paying the amount in which the car will depreciate in value while it is in your possession. Instead of paying the whole amount you are going to pay less than half of the car’s value.
Pros and Cons
There are lots of interesting reason that you may decide to lease over buying. FIrst, you will be able to get a new car when your lease is up. That means that you could be driving a new car every few years, depending on the length of your lease. You could also work in other benefits as part of your lease, like tires and maintenance. You aren’t going to have to deal with the constant defects that come with a car getting older. You also aren’t going to have to worry that your car won’t pass inspections or regulations. Leased cars are always kept in great car by the dealership.
The downside is that you will always have to have full coverage insurance per the specifications of the dealership. They usually tell you exactly what you have to have and that can make your cost go up substantially. However, if you ever get into an accident, you may not see this as a bad thing. You will never really own your own vehicle if you lease. That can be almost a rite of passage for some young people. If you really get attached to your car, you could try to lease it again, but there is no guarantee that you will be able too. You cannot make any permanant modifications to your car. That means that you may not be able to add a certain sound systems, you cannot get custom paint jobs, and you may need to keep your car as is. If you want a car that you can put your personality into, then you definitely want to buy.
There you go. Now you know what your choices are. You can decide what will work best for you and your family.