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Lease vs Buy Car: Helpful Tips on Choosing Buying a Car vs Leasing
Have you been torn between two options: lease vs buy car? There are many ways to go about figuring out the best arrangement for your specific needs. Here is a list of tips to help you focus and sort out your options so that you are able to choose the best payment arrangements for you.
Budget
It is very wise to get quotes and data on both leasing agreements and purchasing cars. This will help you sort out the costs that can make your decision-making much easier.
The usual costs to decide upon are the down payment that must be made upfront and car payments which can be biweekly or monthly. There will be taxes and fees that vary from dealership to dealership and the payment dates may vary as well. You should already have your budget situated so that you are able to decide with a clear mind free of stress.
Lease vs Buy Car: Mileage
When you are debating between leasing and purchasing, one very important decision is whether or not you want to monitor your travel miles? When you purchase a vehicle you eliminate the need to monitor your mileage.
While leasing agreements can be extremely strict in this specific area. If you’re leasing a car you have certain limitations that can cause additional charges if not properly followed.
Due to how important mileage is, this is one component that car dealerships monitor extremely closely. You must maintain your agreement without exceeding a certain amount of miles to avoid accumulating extra fees.
Insurance
Both purchased vehicles, as well as leased vehicles, will have a different effect on insurance rates. When you are leasing a car the fees may be slightly higher because the car ultimately belongs to the dealership.
And, the two companies would like to cover all costs and that just so happens to be at your expense in the form of a higher premium, causing your payments to be higher.
There may also be stipulations along with leasing vehicles, with purchasing agreements owners have more flexibility and coverage, and the option to add more people to the coverage plan.
Get a cheapest way to get car insurance while you are at the dealership or research online. You can ask for both leasing and purchasing options so that every fee is laid out in plain sight.
It is also helpful to have this information faxed to the dealership or to have it sent straight to your email. This will prevent random numbers from changing every time you contact the insurance agent.
Car Comparison
You should compare the value of the car and weigh your options. Make sure that you are getting all of the qualities that you are seeking. If you purchase a car then you have an added bonus and the ability to save money on your next car if you decide to trade it in. If you get a better rate on a car that you will only use on occasion then you benefit greater from a leasing agreement. Choose a car that suits your situation best.
Appearance
If accessorizing is important to you and you are very big on car customization and appearance then you should definitely fully purchase a vehicle. Once you sign the dotted line then all the rights are fully yours. You can check out some of the coolest car modifications here.
If you decide you want to go ahead and lease your car then you should know that you are automatically signing off on restrictions when you sign the dotted line. You literally give up your right to make decisions about the car as far as accessories and anything pertaining to the car’s appearance. This is a minor sacrifice to some and to others, this option is completely out of the question.
Length of Time
Are you planning on using this car for years to come? Or will this be an extra car that sits in your garage 5 days out of the week? These are questions you should ask yourself before purchasing or leasing a car.
There are areas to cut corners on cost but if you are only looking to keep up with the newest up-to-date cars then you may want to lease. If you are more geared towards purchasing and owning and you love the experience of getting to know your car then you should definitely purchase a car.
Remember that you are purchasing a car for yourself. remember that you won’t make any decision for you whatever you are you deciding to use the car for should be a big part of your decision making.
If you’re going for more space or if you’re you know if you have a big family all of those factors should be included in your decision and your decision-making because you are spending your money and whether you leave or you buy your experience is going to be totally depending upon your decision now in the beginning.
Infographic created by O’brien Toyota
