Community News

Friday, July 24, 2015

The Pros and Cons of leasing vs. buying

So you’ve decided it’s time for a new car and now you’re faced with that age-old question: lease or buy?
  •        You own the vehicle
  •         You can sell or trade in the vehicle whenever you want
  •         You can drive as much as you want
  •         You can modify the vehicle if you want
  •         Your monthly payments are usually higher because you’re paying off the entire cost of the vehicle
  •         When it comes time to get a new vehicle you have to deal with selling or trading in your existing    car

  •         Monthly lease payments are usually lower than the monthly costs of a loan to purchase a car
  •         When your lease is up and it’s time for a new vehicle, you essentially just return the car
  •         You don’t have to worry about depreciation
  •          You don’t own the vehicle
  •           You have to limit your mileage to the terms of the lease, or pay extra charges
  •           At the end of the lease you must return the vehicle
  •         Wear and tear on the vehicle may result in extra charges when the lease is up
  •         You can’t modify the vehicle

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