How to Choose Between Purchasing and Leasing a Car

When it comes to get yourself a car, the options of leasing and purchasing would inevitably have their own share of arguments crossing your mind. No doubt, making a decision as a novice would certainly be difficult. While purchasing a car gives you the pride of ownership, leasing a vehicle would take off the burden of a huge financial investment and let you enjoy riding the latest models in quick succession. If you are in a quandary which is good for you, here we have explained the benefits of both in comparison to situations that suits best for each.

When You Should Lease a Car Instead of Buying:

As suggested by the Acura ILX lease dealer, one should go for leasing a car, if they want to enjoy the following benefits:

  • Lower monthly payments either with a low, down payment or sometimes even without it. The monthly payments of purchasing a car would always be higher than that of lease payments.
  • One gets to drive the latest car for lesser money.
  • Even the repair costs low down because it is covered under the factory warranty of the vehicle. On the contrary, while buying a vehicle, you would be solely responsible for the repair costs once the time span of the warranty gets over.
  • One can easily change from one car to another new car in every couple of years while leasing, while buying a car would not give you that facility.
  • One doesn’t have to go through the trade-in hassles in lease when the lease tenure comes to an end.
  • Even the sales tax you pay is less.
  • By purchasing a car, one would have more cash tied up with it, which would keep depreciating in value day by day.

When You should Buy a Car Instead of Leasing:

Not everyone has the same set of situations, lifestyle or sense of priority. Thus, as the experts from the Acura lease special say, leasing might not suit those people who would like to have the following benefits.

  • As an owner, you are free of worries and can enjoy the pride of owning a car.
  • You can choose to modify your own car as per your choice.
  • Money would be saved over the long term once you buy a car and have an asset of your own and for your family.
  • You are free to drive as long as you wish without any issue of excess mileage penalty.
  • You can sell the car at whichever price you can and whenever you want.
  • Your car can be used as a trade-in value while buying the next car.

Summary

To summarize, leasing is for those for whom it is all about having more with less amount of money and who are fond of staying in tune with the latest trend rather than building up an asset for themselves. To be specific, leasing a car is for those who are looking for temporary benefit. On the other hand, buying a car is more of an act of establishment, asset building and looking for long-term benefits. It is the age, the affordability and the lifestyle that finally decides if leasing or purchasing a car would be ideal.

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