When it comes to making a decision about buying or leasing, there are a lot of factors you need to consider. Choosing what's right for your family isn't always the simplest thing, but here are a few quick things to know about leasing and purchasing a new vehicle to help get you started:
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Buying:
• Requires a higher down payment and requires higher monthly payments
• In the long run, buying will cost you less than leasing
• You are personally responsible for all maintenance and service costs
• Flexibility to sell or trade in your car as you wish
• You get to really own your car, and that can be a priceless feeling
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Leasing:
• Offers you a lower down payment and lower monthly payments
• Leasing a car will be more expensive in the long run
• You are restricted to a certain mileage and going over can be costly
• You can get yourself into newer, nicer cars more frequently
• Trade-ins at the end of your lease are easy, but contracts can be confusing
• You don't own the car at the end of the lease period