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Buy vs Lease
Adding a new car to your life is an exciting prospect. However, the first decision you need to make is whether you want to buy or lease your new car. We’ll compare the two options to help you decide which the right choice is for you.
The majority of car shoppers choose to buy. Buying gives you the freedom to drive as much as you want and do whatever you want with your car. However, buying a new car usually requires a sizable down payment in addition to larger monthly payments. But, when the loan is paid off, the car will officially belong to you.
When you lease a car, you sign a contract and get to keep and drive the car for a specified amount of time—often, this means 36 months. You will make a lease payment every month; however, lease payments tend to be less expensive than a monthly loan payment would be on the same car. Because of this, shoppers may be able to afford a nicer car than they could if they took out a loan.
Another benefit to leasing is being able to drive a new car with the latest technology every few years. And, when the lease contract is over, you simply have to return the car to the dealership and pay any remaining fees.