For some people, the decision to buy or lease a vehicle is a no-brainer: the better choice is always to own a vehicle, no matter the circumstances. But there are a lot of flaws with this argument, and there are many cases where leasing is a much better option. Your financial situation, how you intend to use the vehicle, and what you want to do with it after you’re done can all influence your decision. So, you should keep your options open and consider leasing as well, even if you always thought that buying was the best option. We’re going to run through some of the situations when it is better to buy a vehicle, and when it’s better to lease.
You Want Variety
If you like the idea of being able to drive a new car every 2 to 3 years, then leasing might be a great option for you. You’ll get to drive a brand-new car all the time for a fraction of the price you’d have to pay monthly on financing. If you prefer to be the first one to drive the vehicle, but don’t want to deal with the investment and the hassle of having to sell the vehicle at a much lower price later on, then leasing is a better option.
You Like Mods
If you love mods, or you have the intention of making mods at some point in the future, then buying a vehicle is your only option. At the end of the day, the vehicle remains the issuer’s property, so you won’t be able to do what you want with it. It also has to be brought back in perfect condition, or you’ll have to face penalties.
You Want to Drive a Better Car
One of the benefits of leasing is that it broadens the scope of cars you can actually afford. You may not have the money for a brand-new vehicle, but you could still get it on a lease. And you won’t have to worry about depreciation either.
You Like Control
Like we said earlier, the vehicle will always be the issuer’s property, and they can take it back whenever they please. Once you own your vehicle, it’s yours, unless it has a lien on it in some way. If you were thinking of making long trips, then most leases will have strict requirements that might not be too attractive to you. You also have the ability to sell the vehicle whenever you want when you buy.
Another thing with leases is that you might be stuck with the vehicle if you want to get rid of it before the end of the lease. If that is the case, then you’ll sometimes have to pay the rest of the payments. But there are some cases when you can transfer the lease to someone else and avoid this.
So, which one is the best option, buying or leasing? The answer is that it depends on you. If you want to have more flexibility and get more car than you could afford through financing, then leasing could be an option. But if you want more control over your assets and the freedom ownership offers, then by all means, go ahead and buy.