Buying and leasing both have their benefits, and which one you pick really depends on your situation. Here, we’ll talk about the financial benefits that both buying and leasing offer, and which of those benefits fit your current needs.
Buying is a smart financial decision in many cases. When you buy a car, you can eventually pay it all off and own it outright. Once you own the vehicle outright, you won’t have a car payment anymore. Not only will you spend less money that way, but you’ll also have the opportunity to lower your insurance to liability only, which saves you even more money.
Sometimes consumers aren’t in a position to make a long-term buying decision—or you just don’t want to. Leasing is a great option for drivers on a tight budget who need a reliable new car without a high monthly payment. With a lease, all you pay over your lease term is the cost of depreciation, rather than the full price of the car, making your payments much lower.
Don’t forget, you can sell your purchased car at any time or trade it in for a different model. Think carefully about what your needs are before you make a decision, and if you need help figuring it out, give us a call at Ken Pollock Mitsubishi! We’d be more than happy to help you.