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Home » Consumer Information » Automobile Tips

Buying vs. Leasing a Car

Choosing to buy or lease a vehicle depends on personal preference and lifestyle factors.Buying Vs Leasing

Here are some pros and cons to help you determine which choice is right for you:

Leasing

  • Lower monthly payments
  • Lower down payment
  • Better car for less
  • Lower maintenance costs (factory warranty covers most repairs with 3-year lease)
  • New vehicle every 2-3 years
  • No trade-in worries when lease ends
  • Only pay tax on financed portion of vehicle
  • Can never own vehicle
  • Mileage is normally limited to 10,000-15,000 miles annually
  • Confusing contracts
  • More expensive over time
  • Routine wear and tear becomes pricey
  • Difficult to end contract of lease

Buying

  • Do anything you want with vehicle; it's yours!
  • Makes more economic sense
  • Unlimited usage (no additional fee)
  • Sell whenever you please
  • Higher monthly payments
  • Higher down payment
  • Responsible for maintenance costs after warranty voids
  • Trade-in and selling hassles
  • Value depreciation

Various lifestyles go hand in hand with leasing. If you often entertain business clients and are looking to impress them, leasing gives you the opportunity to drive a luxury car for less. Others may simply like the idea of driving a brand new car in as little as two years. At the end of the day, leasing isn't just about the money.