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Should You Purchase Or Lease A New Vehicle

By Marilyn Katz

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Published: 13Jul2011
Word count: 567
Viewed: 182 time(s)

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There seem to be two basic types of vehicle owners. Some like to buy a car they can drive for a hundred thousand miles, or more. They enjoy using their vehicle until, as they say, the wheels come off! Other people like to be able to change their minds every few years, and they always want to have one of the late model cars to drive. These two kinds of people may make very different decisions about the ways they get new cars.

With that in mind, let us consider the things you have to think about when you are comparing a buy vs. lease car deal!

If you are the type of person who wants to enjoy years of driving without having an auto payment, you may be better off by just purchasing your next car. You can pay cash, or get the loan paid off, and then you can use the extra cash to start saving for your next car. If you do not mind having a vehicle for several years, and do not always have to have the latest and greatest, you may want to buy a car.

However, if you fall into the category of people who cannot resist a new car purchase every few years, you may be better off by taking out a vehicle lease. This allows you to make payments for the term of your agreement. Then you can just trade in the vehicle for another one without a lot of trouble. You will be able to drive a shiny new car every few years.

Of course, the right decision will depend upon other things too. Your credit, the amount of money you have to put down, and some other factors have to be considered. You also need to evaluate the terms of the lease agreement or purchase deal you can get.

For example, some lease deals may have mileage restrictions. If you go over the agreed milage amount, you will have to pay extra. If you already know that you will probably drive a lot more than the allowed maximum amount, a lease deal may not work out that well for you.

In addition, you may think you can avoid making a down payment when you lease a car. Actually, some of the lowest advertised lease rates will come with contracts that do require a large down payment or "drive off fee." So you may have to come up with a large sum of money to start your lease. This may actually be more than an auto lender will require when you purchase a new car.

You also cannot avoid car insurance either way. You will be responsible for the vehicle if you buy or lease it. So this is not really a big consideration. Either way, you may be able to get the best car insurance quotes with a new car. You can always check some online car insurance quotes for an easy way to compare prices and plans.

There is not one perfect answer for everybody who wants to get another car. The important thing is to think about the terms of any new car purchase or lease agreement, and then to pick the right answer for you!

Read the pros and cons of the question about buying vs. leasing cars.. Also learn some secrets of great credit scores so you can improve your own financial life!

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