When it comes to obtaining a new car many people have a hard time with the buying vs leasing decision. Sometimes, people make the wrong choice due to insufficient information.
Advantages and Disadvantages of Buying a Car
Advantages and Disadvantages of Leasing a Car
Leasing a car is a cheaper option because in most cases, you do not have to give a down payment and if you do have to give a down payment, it will be very low. The monthly payment is also much lower than when you lease a car. You have the luxury of driving a brand new car every three years or so. The cost of maintenance and repair is less because you only have the car for a short period of time.There are three main disadvantages to leasing a car. The first disadvantage is that you never get to own your car and you have to worry about any minor scratch or stain because the dealer will charge you for that when you turn in the car. The second disadvantage is that if you go over the mileage, you will have to pay mileage fees. The third disadvantage is that you will be required to pay higher insurance for the leased car.
Beware of lease discontinuation fees. These fees are charged at the end of your lease and are usually waived only if you lease another car from the same dealership.
For assistance with your lease or purchase, you can employ an auto buyers agent. These auto buyers agents can help you make the best choice to fit within your budget and try to get you the best possible price on the car you want. Whether you buy or lease, a high credit score is plays a crucial role in keeping your monthly payment lower than it would be with a lower or bad credit score.