Buying vs. Leasing
Maybe your previous car broke down or perhaps it’s just time for a change. No matter the circumstances, the search for your next vehicle leaves you with an abundance of choices. What brand should you choose? Should you look for new or used cars? Is it better to buy or lease? Every consumer faces these decisions and if you haven’t gone through this process before, it can feel a little intimidating.
While we have various resources on our site to help you answer those questions, we’re dedicating this space to help you understand the different ways to own a car in our buying vs. leasing comparison.
The Advantages of Buying
Buying a car is a more straightforward form of ownership, as it follows the same logic as other items you own. When you buy, you are free to modify your car with accessories and performance upgrades as you see fit. You aren’t locked in a two or three year lease contract and you are free to sell whenever you please.
While your initial payments will be higher when you buy, you don’t have to concern yourself with mileage limits and meticulous upkeep. In the long run, buying tends to be the more cost-effective option, but it will tie up more of your cash with a larger down payment or a lengthier financing plan. After the car is paid for, however; you can drive for the cost of gas years after making your final payment.