When deciding whether or not you should invest in buying a car or merely lease it instead, there are many factors that can — and should — play into your decision making process. You have to consider your wants, your needs, and your financial status before making any large investment, and going to car dealerships is no different. When considering your options, the little differences just may have the overall biggest impact, so it is best to be informed and at the top of you game at all times.
Leasing a Car
When it comes to cars, used or new, everyone knows that the least amount of investment is found through car leasing. When you lease a car, you have it for the specified amount of time and then return the car to the car dealership once said amount of time is expired. Overall it seems like a better deal considering you do not have to worry about resale. Less commitment does come with quite a few more guidelines though, so — as with all things — there is another side to the benefit of lower commitment for your temporary vehicle. If you are alright with used cars for your lease, that is probably the best was for you to go. New cars typically have 10,000 miles allowed per year instead of the regular 12 – 15 thousand that used ones are allowed. This is not to say that there will not be a deal that will work for you, just if you are know to be doing an excessive amount of driving that you should make sure you choose a leasing plan that will fulfill your driving needs along with the financial ones.
Buying a Car
If the option of car leasing is not something that you believe will work for you, finding a car for sale is likely the best option. You might go to a car dealership and looking at a new audi or a used audi, or any other kind of vehicle that may work best for you. The payments for purchasing a car are typically a little bit higher than when you lease it, but at the end of the day when it is all paid for the car is yours to keep and do with as you wish. There is no limit on yearly mileage, and you can decorate it anyway in which you may desire. Even if you are currently leasing a car, at the end of the contract you are almost always given the option to work out the payment plan and actually purchase the vehicle which you had previously only been leasing. Not only that, but you will not have to worry about paying for repairs if your car goes through a bit of that natural wear and tear, as you are not expected to return it in the condition in which it was purchased. Buying the car for you own also increases your equity value, seeing as it is a part of your property rather than what nearly equates to a long term rental.
Either way, it is important to remember that different things will work for different people. No one will know your situation as well and you do, and it is important to make an informed decision that is well aligned with your wants but also more importantly aligned with your needs.
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