How to Choose Between Leasing and Buying
Having a hard time making up your mind when it comes to choosing between leasing and buying? It is tricky to come up with the solution that is right for you as this will all depend on your financial capability and ownership preference.
Leasing a car is intended for those who always want to drive a brand new model. Since most lease deals are only good for an average of 24 to 36 months, you can fully take advantage of the warranty that comes with all brand new cars. Not only that, but leasing will also eliminate the hassles of car ownership such as selling the car after a couple of years of ownership. You only need to return the car to the dealer after the lease term expires and choose your next car to lease.
Leasing is also considered affordable as you only need to make a small deposit at the start of the term. And since you are only paying for the estimated depreciation of the car, you also get to enjoy low monthly payments, lower than those for a typical financing plan when buying.
Buying a car will require you to make a down payment (that is approximately 20% to 40% of the selling price of the car) but the car will be entirely yours after the end of the financing term. In other words, you retain ownership or equity over the car.
Figure out the best car lease deals today and determine if leasing is indeed right for you.