If it’s time for you to invest in a new car, you are likely asking yourself a million different questions. What kind of car do you want? Do you want a new or used vehicle? What budget do you have to work with? These are all important questions to answer but one question that is often overlooked is whether or not you should lease or buy a car. This question has many different facets, so it’s important to dive into all of the variables before you lease or buy a car. In today’s blog post, Crossroads Ford Lincoln will take a closer look at whether you should lease or buy a car.
What Are The Benefits Of Leasing?
There are many benefits on both sides if you are looking to lease or buy a car. When it comes to leasing, the biggest advantage is having a lower monthly payment. Similar to renting a home or an apartment, since you don’t own the vehicle, you won’t pay as much each month to use the vehicle. You also won’t have to worry as much about repair expenses or being upside-down on your vehicle because you won’t ever owe more on the lease than the car is worth.
On top of that, you will also get to drive a new car more often, since you can lease a new vehicle every couple of years.
What Are The Benefits Of Buying?
The benefits of buying come in the long-term, just like with owning a home. In the moment, renting an apartment or home might be cheaper, but you aren’t paying for something that you actually own. That means that you aren’t spending money on something that you can make money off of later. When you buy a car, you will pay less long-term because you will be able to build the value of the vehicle and sell it when you look for your new vehicle. And if you pay off your vehicle, you won’t have a car payment at all, unlike with leasing. So, essentially, the longer you drive an owned vehicle, the less it hurts your wallet.
Should I Lease Or Buy A Car?
Whether or not you should lease or buy a car has long been a big question for many drivers, but the consensus has typically been in favor of buying a car. While a lease is tempting because of the low monthly payment and the ability to drive newer cars, it isn’t as cost-effective in the long-run. When you lease a car, you have nothing to show for the money you spent at the end of the lease. When you buy a car, once all that money is spent, you own that vehicle, which means you can keep it for as long as you want or sell it, or trade it in for your next vehicle.
However, there are instances when leasing a car makes sense, especially for younger people who cannot afford to own a car. With that being said, you should always buy a vehicle if possible.
Contact Crossroads Ford Lincoln For More Tips
If you are looking to lease or buy a car, Crossroads Ford Lincoln wants to help. For more information on what we offer, get in touch with us at (502) 695-1990 or contact us online today.