Should You Buy or Lease Your New Vehicle? (Infographic)

Having a car is a dream many are lucky to achieve. The reality is vehicles are expensive even for those who can afford significant upfront costs. Even with a long-term auto loan, it is still challenging to afford a new vehicle.

To buy new car means deciding whether to lease or buy, and there is no definite answer to which one is better as both options have their respective pros and cons. Choosing one will ultimately depend on the buyer’s budget, goals, and personal preferences.

Budget, being the number one factor in buying a vehicle, plays a significant role in the decision-making process. If prices are out of reach for a buyer, leasing would be a much preferable option. It allows consumers to take home a car with a monthly payment relatively lower compared to when it is purchased.

Buyers who prefer to lease their cars can replace a vehicle every few years for a low monthly payment. However, it has certain limitations that make buying more tempting.

It includes strict mileage limits that can only allow lease customers to drive up to a certain extent. Also, keeping it in pristine condition throughout the lease is a must.

On the other hand, buying a car is more expensive since buyers have to pay its total market price. Unless the buyer wants to sell the car at some point, they are stuck with it for a long time.

However, the biggest advantage it has over leasing is the title of ownership. Buying a car and making all the payments would mean no mileage limit, no wear and tear fees, and the buyers has the option to resell it if needed.

Regardless of whether it is your first or second time buying a vehicle, either of the options is fine given that you weighed its advantages and disadvantages relating to your lifestyle, budget, and goals. When looking for the best car deals, select those from a trusted new car dealership san diego.

Read this infographic from Carbevy to serve as a guide in choosing whether to buy or lease your new vehicle.