Leasing Car Vs Buying Car

By | September 18, 2013

Leasing a car is a good option for some people, whereas for some people buying a car is a better option. In this article you will come across some things about leasing and buying that will help you in your buying decision.

Things to know about leasing a car
Leasing is a good option for those who have low income and may not afford to buy a desired car or vehicle. It will help you to drive wide range of cars – new cars or used cars and fulfill your passion. It also has some tax benefits for people who lease car for their business requirements.

If you drive for limited miles per day, then leasing is a good option. No need to worry about maintenance costs, you will have to pay low monthly payments. You need not worry about the purchase price of the car and the resale price, as you don’t own the car.

You can have insurance cover options for some leased cars/vehicles. You have the choice of purchasing leased vehicle at the end of your agreement, if you want to own the car. In case you own a vehicle, flexibility of options is very less. You cannot shift to other cars that easy, because you have to invest more money for buying. You can have savings and increase you budget by leasing, if you lease used cars, then you have more savings.

Things to know about buying a car
Leasing cars also come with some disadvantages. If you are sure enough that you can afford a new car, then buying is the best option for those people. Because though you pay more amounts and down payment is also high, at the end you will own a car and will be the owner of that car.

Especially people who want to have a car for personal use, buying is better than leasing, because leasing does not provide tax benefits. You may be restricted to one car/vehicle but can enjoy comforts for lifetime without any restrictions to miles.

You can move in your own car without ant restrictions, whereas in leased cars you may be restricted for reasons like poor driving records, etc. You can properly maintain your car, you need not be responsible for wear and tear costs to anyone, because you are the owner. There is no threat of debit/credit card blocking, nor any scams. You will enjoy the comforts in an owned car, rather than a leased car.