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There is a lot to consider when getting ready for your next vehicle and one of the more important decisions is whether to buy or lease. First, understand your life variables. Such as, marriage, divorce, a new job, loss of a job, expecting a child or expanding your family, your lifestyle, and your commute to work. Once you understand how your lifestyle or changes have affected your buying decisions, you can then decide if you should lease or not.
Purchasing is ideal for people who drive a lot, put their vehicles through heavy use, or are looking to build equity. It also gives you the freedom to customize your car as you please.
When you buy, you pay for the entire cost of a vehicle, regardless of how many miles you drive it or how long you keep it. Monthly payments are higher than for leasing. You typically make a down payment, pay sales taxes in cash or roll them into your loan, and pay an interest rate determined by your loan company based on your credit score. You make your first payment a month after you sign your contract. Later, you may decide to sell or trade the vehicle for its resale or trade value.
Here are a few benefits when you finance:
Drive as many miles as you want.
Travel with kids and pets, over gravel roads, and park in dent-prone lots without worrying about wear-and-use charges.
Carry lower limits for auto insurance than with a lease. (See your insurer for actual quotes.)
Customize your vehicle (though this may invalidate portions of your warranty)
Sell, trade, or transfer your title whenever you want.
Leasing is ideal for people who drive less than 15,000 miles per year, take good care of their vehicle, and want a new car every 2-4 years.
When you lease, you pay only a portion of a vehicle’s cost, which is the part that you “use up” during the time you’re driving it. Leasing is a form of financing and is not the same as renting. You may have the option of not making a down payment, you pay sales tax only on your monthly payments (in most states), and you pay a financial rate, called money factor, that is similar to the interest on a loan. You may also be required to pay fees and possibly a security deposit the that you don’t pay when you buy. You make your first payment at the time you sign your contract – for the month ahead. At lease-end, you may either return the vehicle or purchase it for its resale value.
By leasing a vehicle you can usually:
Get a bigger, better-equipped vehicle than what you could purchase for the same amount.
Pay only for the portion of the car’s life you use (which means a lower monthly payment).
Receive tax benefits if used for business (depending on the lease, state, and tax laws).
Invest any savings in appreciating assets like stocks, bonds, etc.
Spread applicable sales tax across monthly payments (varies by state).
Enjoy end-of-lease options: you can buy the car, lease another vehicle, or explore other choices.
180 West Hulbert Road, Shelton, WA, USA