When you are looking for a car, there are a lot of factors to consider. Do you want a new or a used car? Are there some brands that are more dependable than other ones? If you have decided, or are thinking about a new car, then one thing to consider whether you want to buy or lease a vehicle. In this post we are going to go over some pros and cons of leasing vs buying a car.
Pros and cons of leasing vs buying a car
When you buy a car it becomes yours. Your monthly payments will usually be higher than with leasing because you are paying off the full cost of the vehicle, but at the end you actually get to keep the vehicle forever. With leasing, monthly costs are lower, but at the end of the lease term you must return the vehicle in similar condition to how it started. If you tend to beat up a vehicle, then buying is probably the best option, but if you like to switch vehicles every couple of years anyway, then leasing may be the better choice. Here are a few other aspects to consider.
How far do you drive?
Leases will typically allow you do drive a limited distance per year. This generally 10,000 to 15,000 miles annual. While many commuters with shorter daily journeys can fit in this limit, if you like taking longer driving vacations or are on the road a lot for work, these limits might not be good. When you are buying a car you can drive as far as you want.
Accessories and wear
When you buy a vehicle you can do anything you want to it. You can add accessories, or spill chocolate on the seats and not have to worry about the condition the vehicle is in when you return it. When you lease a vehicle you have to be more careful about wear and tear and can’t add non-removable accessories. However, if you typically lease a vehicle every couple of years, then you may be able to get the features you want new with each lease.
Overall, we feel that buying a vehicle has a lot of advantages in the long run over leasing. If you are in a bad credit situation, but are still looking to get affordable financing on a used vehicle in the Austin TX area, check out the inventory available here at the Third Coast Auto Group.