Should I buy or lease my next vehicle?
It is time for a new vehicle. One idea that you have been toying with is leasing a vehicle. But this has led to the question of, “Should I buy or lease my next vehicle?” While we certainly cannot tell you what to do because this is a very personal decision, we certainly can explore both options a bit more. Below, you will find more information about both leasing a vehicle and purchasing a vehicle.
Pros and cons of leasing and purchasing a vehicle
You will find a few pros and cons of both leasing and purchasing a vehicle here. Are there others that we missed, and you would add to this list?
Pros of leasing a vehicle
- Lower monthly payment
- New vehicle roughly every three years
- Most maintenance items are covered
Cons of leasing a vehicle
- Mileage Limits
- Charged for excessive wear and tear as determined by the dealership
- There is no equity developed in the vehicle
Pros of purchasing a vehicle
- Lower insurance rates
- Own the vehicle
- Can sell the vehicle at any time
Cons of purchasing a vehicle
- Higher initial down payment
- Possible trade-in or selling hiccups
- Monthly payments tend to be higher than lease payments
Where can I learn more about leasing or buying my next vehicle?
Again, this decision to lease or purchase your next vehicle is a very personal one. You have to take a look at your lifestyle and budget to see what would work best for you. If you have any questions along the way, please do not hesitate to reach out to us at Carizma Motors! We would be more than happy to answer your questions and help you with anything that we can along the way. Make sure that you check out our current online inventory as well. It is constantly changing, so if you do not see a vehicle you are interested in today, it could be there tomorrow!