Are you looking at purchasing a new or used vehicle in the future? While the make, model, and year of the car you want is an important factor, buying or leasing is also another critical decision to make before purchasing.
Buying or leasing has several advantages and disadvantages for each option. One advantage of leasing is that you’re typically driving a newer model that is still covered by the manufacturer’s warranty. This means that repairs, oil changes, and other maintenance may be covered. Lease payments are also typically lower than purchasing a car because you are only paying the depreciation for the term. In fact, roughly one in four people decide to lease a car because they can drive a new car off the lot every several years and they don’t have to worry about trade-in value or repairs.
That being said, purchasing a vehicle can offers advantages as well. Firstly, after paying off the car, you own it. This allows you to drive as many miles as you please along with being able to customize it however you want. Additionally, when you purchase a vehicle, the wear and tear may affect the value but it won’t penalize you like at the end of a lease.
When deciding whether to buy or lease, consider the type of vehicle you’re interested in, how long you plan on using the car, how many miles you might be adding yearly, and if you are interested in customizing the car. Weighing the pros and cons for each option can help you make the best decision for your budget and your lifestyle. If you are interested in learning more tips check out the accompanying resource below.
Infographic created by O’brien Toyota, a used car dealer