subject: Should You Buy or Lease Your Next Car? [print this page] Should You Buy or Lease Your Next Car?
The Big Question: Buy or Lease?
One of the biggest questions you face when getting a new car is whether to buy or lease. Each option comes with its own list of pros and cons, so while leasing may be right for one person, buying may be the right choice for someone else. This being the case, it's important to understand the differences between leasing and buying and how the differences will impact you. Once you know the details, making a decision will be easier and you can move on to selecting your vehicle.
Buying a Car - Ownership
Before discussing leasing, let's get a firm understanding of what it actually means to buy and own a vehicle. While most people think they know what they're getting, they often don't think of the smaller details that come along with the buying process. Buying a vehicle means that once you have paid off your loan you will obtain full ownership of the vehicle. In other words, you can do what you will with it, including selling it. When you own a vehicle, you have absolutely no limit on mileage, which is very attractive to some people.
Buying a car also means that you have full control over how much you wish to customize it. Since you own the vehicle. you're free to do what you will with it, whether that means installing a new stereo, tinting the windows or otherwise. Add to the fact that owning a vehicle means you don't need to worry about denting it, and it seems to be a very lucrative option.
Leasing a New Car
By now, you should have a good idea as to what you'll get out of purchasing a vehicle outright. While buying a car certainly comes with its own unique set of advantages, the same can be said for leasing a vehicle. Buying may be right for one person, while leasing may be right for another. Before making the decision, it's important to learn about what goes into leasing a vehicle. One thing that's for sure is that the details of leasing are far different than those of buying.
When leasing a car, you should expect to be paying a much lower (if any) down payment. This can be very an attractive incentive to some people, and can truly be a motivating factor in the decision to lease or buy. Leasing also means you get a new car every few years, making it the perfect option for someone who doesn't like to sit still for too long. This comes with the added benefit of being able to drive a more expensive car for less money compared to buying. Add the fact that there is no long-term commitment, and leasing sounds just as lucrative as buying.
In the end, the decision to lease or buy will be based mainly upon what one values at the given moment. The cost of leasing is far less than buying in the short term, but in the long term the exact opposite is true. Depending upon one's situation, either option can be considered viable.
Help in Selecting the Right Option
If you're unsure about which option is going to be right for you and your specific circumstances, feel free to contact Chevy Dealership Cerritos and ask for assistance. Whether you end up buying or leasing your vehicle from us or not, we'll be happy to help. If you're wondering about the tax implications of buying versus leasing, consider contacting a tax preparer in your area.
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