Buying vs Leasing a New Car
Once you’ve decided that you need to get a new vehicle, the next step is figuring out how you’re going to pay for it and whether you should buy it or lease it. Deciding if buying or leasing a new car is not an easy task and must not be taken lightly if you want to make the right decision. There are many differences between buying vs leasing a new car and knowing which one best fits your finances and needs is the key to making the right choice. Keep reading to learn more about buying vs leasing a new car.
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Differences Between Buying vs Leasing a New Car
There is a lot at stake when you make your decision of buying or leasing a new car. The biggest factors include money, how long you want to drive the vehicle, and how often you drive. There are many differences between buying and leasing a new car and you’re about to learn what some of them are.
Benefits of Buying a New Car
- You own the car. When you buy a new car and finish paying it off, you own it.
- You can sell your car. Your vehicle has a resale value and you can sell it whenever you want to.
- You don’t have to buy extra car insurance. You can get the car insurance you want to get whereas some leases will demand extra coverage.
- You’re in charge of maintenance. It’s your car, so you can do whatever you want to it when it comes to vehicle maintenance.
Benefits of Leasing a New Car
- Less expensive. The down payment you need and the monthly payments are typically lower when you lease a new car.
- New features. If you lease a new car every couple of years, you’ll always get the latest and greatest features and options in your new car.
- No trade-in problems. Once the lease is over, you simply drop off the vehicle and keys.
- Drive a higher trim level. A lease typically has a lower monthly price which allows you to get a higher trim level that offers more technology and comfort features.
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