Is it Best to Buy or Lease a Car?

Should you buy or lease your next vehicle? If you were to pose that question to most people, they would probably tell you that is best to purchase a car. Strictly from a financial point of view, this is true.

Consider Your Personal Needs And Preferences

However, you must be willing to make the monthly payments that will be much higher than if you decided to lease the same vehicle. It is always a good idea if you can pay the car off within a few years, and you plan to keep the wheels for a few years after you have paid it off.

On the other hand, leasing is an option if you prefer to drive a new car every two years or so. Unfortunately, there is not a clear answer to this question, and both options have their set of pros and cons. The decision you make will depend on your lifestyle, your preference for paying for expensive items like vehicles.

Car Leasing Is An Option For Business Owners

If you own business, and you need an upscale car to pick up and entertain your clients, leasing a vehicle is an option. You can lease the vehicle you want for a lower monthly payment, and you may even be able to write it off as a business expense on your taxes.

If you are the type of business owner who likes to stay with a particular car manufacturer or car model for a few years, buying may be a better choice for you. This way you will be able to enjoy a few years without having the car payment, and that is often the main advantage to buying a car.

Leasing a car fromĀ will allow you to more out of the car for less money. This is because you pay for the use of the car instead of paying for the car itself. Buying the same car will eliminate mileage caps and other restrictions, and you can do what you want with the car. Determine your needs and choose the option that is best for you.