Leasing Vs. Buying A Vehicle

Getting a vehicle can be one of the bigger financial investments you’re likely to make in life. For many shopping, deciding whether to buy or lease requires consideration and careful planning. Certainly, a vehicle is used to get from A to B, but how will it be used? How many miles does it plan on being used? Are you planning on customizing?  Luckily, the guide below Leasing Vs Buying covers over 11 main differences between these two ways of getting a car.

Just as purchasing a house is different than renting, the terms of ownership for leasing and buying a vehicle can differ. When your lease a car it is through the finance company to which the dealer has “sold” the vehicle. Whereas when you buy a car, you are financing the purchase by taking out a loan from a bank or lending institution. Meaning they won the vehicle until the loan is completely paid off. When choosing to buy or lease there are a variety of pros and cons for each option.

To Buy or Lease A Car?

To start, consider all the factors of your lifestyle when driving. This might include reviewing your financial situation or transportation needs. For example, you might consider owning a vehicle rather than leasing if you commute many miles in a day because typically leases only offer 12,000 miles per year. On the other hand, perhaps you don’t want to worry about repairs and warranty coverage then possibly leasing is better.

With that said, there is no right answer to deciding. The decision is up to personal discretion but evaluating the pros and cons while comparing the factors of your lifestyle is the best place to start. Check out the accompanying resource below for more information.

Infographic created by O’brien Toyota