Buy A Car Or Lease, What Will Work Best?

The time has come for a newer, more reliable mode of transportation. Many options are available as to what route to take that will put this new car in your driveway. Should you get pre-approved for a loan and then go shopping? Should you "borrow" the money from your savings? Should you let the dealer arrange the financing for you? As of late, there has been much exposure and advertising about a leasing option that is available. The question is, should I buy a car or lease one?

The great thing about leasing a car is that along with the warranty, the routine servicing of the vehicle is also thrown in with the leasing contract. This way you know that the auto is always in top performing condition. Also, if a major repair is required and it is not covered by the warranty, the bill will fall to the actual owner of the car. Your monthly lease payment includes all of this piece of mind. If you buy a car, this service and repair contract comes with it, but you are now responsible. Thankfully, new cars and trucks are one of the most reliable things you can buy. If not too handy with a tool set, and cannot identify items under the hood, this lease option might be right for you.

The downfall of a leasing contract versus buying a car is that there are restrictions that come with it. For example, there is only a certain amount of mileage that can be put on the vehicle for the term of the lease. If constantly driving from the Pacific Ocean to the Atlantic Ocean, then a lease with allotted miles is not the plan for you. Also there is the cost of ownership. In this case, you don't actually own the car, nor will you ever. It's like renting a house, sure you have a roof over your head but it will never be your house. Then there is the dilemma of trying to get out of a lease. Yes, it can be done, but you will pay dearly. Trying to get out of a car lease is one of the most expensive things you can do.

Buying a car on the other hand comes with no restrictions. Other than those required by law, you are free to drive the car where and as far as you like. No worry about constantly looking at the odometer and figuring how many more miles you have left before the penalties hit. If buying a new car, the before mentioned warranty will be in tow should anything arise. Then there is the pride of ownership. Perhaps this new car you just bought has become an instant favorite and you will keep it in the family for generations to come. That option is always open because you don't have to turn the car in after a lease has expired. Take care of it and it will take care of you and your loved ones.

Buy a car or lease? Both have their good and bad points. Make a list of what criteria you need a car for, and then decide which is right for you. You can't go wrong with either direction.

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