Cars are a significant financial investment, so it’s important for you to make the most informed decision possible when looking for the right vehicle. The decision that it comes down to for many people is whether they should lease or buy a car. Here is what you need to know.
When to Lease
As leasing a vehicle doesn’t make as much sense financially as purchasing a car, there are just a couple of scenarios where it makes sense.
One such scenario is if you are someone who likes to drive new cars regularly. If you can’t afford to purchase a new car every year or two, leasing a car gives you the opportunity to cruise around in the newest car, truck, or SUV.
Another scenario where it makes sense to lease is if you simply don’t want to deal with the risk and maintenance of owning a car. A lot of leases include maintenance in their deals, so you don’t have to get the car fixed on your own.
When to Buy
Financially speaking, buying a car is the better choice. When you lease a vehicle, you spend a lot of money and don’t own anything at the end of the lease. When you purchase a car, you own that car, and you get some of that money back when you sell it. Just make sure that it’s a car that you can afford.