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Leasing vs Buying a Car

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Leasing vs Buying a Car

Buying or leasing, there are advantages to both

Getting a new car can be a major life decision. The question of whether buying or leasing the car is best is one part of the decision that a person must weigh in their mind.

In my opinion, I would prefer to buy a new car. One of the advantages of buying a new car is knowing that it is yours. Even if you do not have the money to pay cash, you can take out a loan and make payments for the car. At the end of the term the car is yours to do with as you wish. Also if you damage the car you do not have to worry about penalties when you turn it back in.

On the other hand there are also advantages to car. Although at the end of the lease you have to take the car back, you are under no obligations. Once you return the car the payments stop and you are free of further responsibility for the vehicle.

Another thing to think about when considering leasing vs buying a car, if you lease you do not have to worry about selling your car when you're ready for a change. Once you get sick of the old car, simply return and lease a new one.

The monthly payment for a lease may also be cheaper than buying. Now-a-days, you can lease a brand new BMW for less than $400 a month. Although you do need to keep in mind that you will not own this car at the end of your term. If you buy the BMW and are pay $600 a month, although you will be paying more, after the term is done the car is yours.

When it comes to leasing vs buying a car, I would always go for buying. My number one reason is that when I buy a car I want to keep it as long as possible. I consider it an investment, not something borrowed. However, if you are the type of person that likes a change every couple of years, the advantages of leasing a car may be the best way to go.

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