Pros and Cons of Leasing and Purchasing a Car
Are you searching for a reliable car? You may be wondering whether you should buy or lease your next vehicle. Below, we will detail the pros and cons of leasing and purchasing a car so you can feel confident about your decision.
Advantages and Disadvantages of Leasing a Vehicle
As you shop for a vehicle, you may have considered possibly leasing a car. There are multiple advantages and disadvantages that come with leasing. Many drivers enjoy leasing because it is typically affordable and allows them to try different vehicles when their lease expires. Drivers that may not have enough funds to purchase a vehicle but need transportation may opt for leasing.
Granted, there are many downsides to leasing. First, drivers that lease do not own the vehicle. Like renting an apartment or home, the vehicle is still owned by the dealership. Therefore, the vehicle must go back to the dealership once the lease expires, unless you decide to lease it again or purchase it. The lease will also state how long you may drive the vehicle as well as how far. Going over the agreed mileage can result in additional fees. Additionally, drivers who choose to lease may not modify their vehicle in any way, such as adding decals. Returning it with excessive wear and tear that is deemed abnormal can also lead the lessee to extra fees.
Advantages and Disadvantages of Purchasing a Vehicle
So, what are the advantages and disadvantages of purchasing a vehicle? Drivers that purchase a vehicle can do as they please with their vehicle. This includes driving it as far as they want, owning it as long as they want, and adding any decals they desire. If the driver chooses to sell or trade in their vehicle, they will receive some of their money back that they can use to lower the cost of their next vehicle, which is something that cannot happen with a lease.
What are the downsides to buying a car, you may wonder? Unless you have enough funds to purchase the vehicle outright, you will likely need to finance for your vehicle. While car loans make the vehicle more affordable to drivers thanks to multiple monthly payments, interest will accrue, and car loans typically last for a few years.
Of course, you can minimize the amount you pay in interest by securing an affordable car loan. At U.S. Auto Sales, we are proud to help drivers finance their next vehicle at an affordable rate, no matter the credit score. Contact us to learn about our loan qualification process! If you are ready to start shopping, get pre-qualified for a car loan with our online application here.