buying: Should You Lease or Buy Your Next Car? - PressFrom - US
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buying Should You Lease or Buy Your Next Car?

17:40  30 september  2019
17:40  30 september  2019 Source:   caranddriver.com

Leasing vs. Buying a Car: Which Is Right for You?

Leasing vs. Buying a Car: Which Is Right for You? The answer is: it depends. Our financial experts' insight on whether leasing vs. buying is right for you, will help you make the best decision for you.

If you 're looking to lease your next vehicle let us help you learn the leasing lingo, recognize the pitfalls to consider, and understand the fine print. It's the one question you should answer before shopping for a car : Are you Team Lease or Team Buy ?

Before deciding whether to lease or purchase a vehicle, there are some important factors to be considered. Have you ever been in the market for a new vehicle and wondered whether you should buy or lease ? In recent years, leasing a vehicle has become very popular and carries some definite

Are you in the market for a luxury car? Or a beater? Or maybe something you intend to keep till it’s a beater? Are you dutifully committed when it comes to vehicle-related responsibilities, or are you flakier than a fresh-baked croissant? When it comes to getting a vehicle, there are a lot of moving parts to leasing and financing. The choices you make will vary depending on which car or truck you’re after and even which dealer you visit to make your potential purchase. Setting aside these inner workings, there are some broad things to consider when weighing whether to lease or to buy.

a man standing in front of a car: These are the main factors to consider when weighing the decision whether to lease or to buy. We present five reasons why you should lease, and four to buy.© Maskot/Getty Images; Jamie Grill/Getty Images These are the main factors to consider when weighing the decision whether to lease or to buy. We present five reasons why you should lease, and four to buy.

We received some tips from Daniel Blinn, a Connecticut attorney who specializes in automotive financing and other consumer issues. He offered a list of considerations based on what most automakers and dealers offer—and what elements are baked in to what they offer—when you shop for a purchase or a lease. Consider these as guidelines, not hard and fast rules.

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Leasing and buying a car both have their benefits, but which is best for you ? It’s nice to get a brand-new car every few years, and both leasing and buying your car can put the latest model on your driveway with fixed monthly payments and include the peace of mind of the manufacturer’s warranty.

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Reasons to Lease:

You want a new car for a (relatively) cheaper monthly cost. This is the most common reason people lease cars and trucks. They want the latest model available, and the monthly payments are cheaper through leasing. Professionals who want to project a certain air of success tend to lease for this reason, Blinn noted. One thing to keep in mind, however, is that while the cost of leasing could be cheaper on a monthly basis, hidden fees are sometimes tacked on that actually make it more expensive to lease versus own in the long run.

You don’t want to be stuck with obsolete technology. For the savvier car shopper, this is an interesting point. Especially with the continued spread of electrification, some consumers may want to have the latest technology but fear a vehicle that may get 80 miles of range in the 2018 model year could perhaps already be laughably lacking in electric prowess by 2021. If you lease it, you don’t have to worry about trying to sell a vehicle with obsolete technology.

We've Weighed the Pros and Cons of Leasing vs. Buying a Car

We've Weighed the Pros and Cons of Leasing vs. Buying a Car Let's break it down.

With prices always on the rise, one of the first questions many shoppers may ask is, “ Should I buy or lease my next new car ?”. While at first glance leasing ’s relatively low monthly payments can certainly be budget-friendly and more affordable than buying

Should you buy it or lease it? Traditional wisdom suggests buying is the better option, but when dealing with electric cars , there are some factors that come into play that may make it more advantageous to lease . Find out why the video above, subscribe to our YouTube channel, and

You don’t put many miles on your vehicle annually. If you don’t drive very often or very far, you don’t have to worry about going over mileage limits, which most leases include—10,000 to 15,000 miles per year are common limits—and which can be costly to exceed.

You are sure you only want to keep the car for exactly the term of the lease. In addition to being charged for exceeding mileage limits, if you decide that you need an early termination of the lease, you are likely to face charges. This does not just happen when someone decides they no longer want the vehicle. Blinn said some people may unwittingly run into this problem if they move abroad or get a new job that provides a company car, for example. “Leases can be a good deal if somebody drives the right amount of miles and wants to keep the car for the right amount of time,” Blinn said. “But if those things change it can be very expensive.” Typical leases run for three years.

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Deciding whether to buy or lease a car can be tricky, but making the right choice can save you a lot of money. The difference between buying and leasing a car is roughly equivalent to the difference between buying and renting a house.

To this day I enjoy visiting national and local car shows and keeping up on the latest car designs and innovations in the auto industry. In all, my colleague wanted to know if they should continue leasing or take a detour and finance their next car . The Lease Vs. Buy Question.

You’re looking to go luxe. Luxury marques sometimes have the best lease deals because they want to promote brand loyalty to woo new customers into their products over the long term, Blinn said.

a person driving a car: GettyImages-82795846-626x535© Maskot/Getty Images; Jamie Grill/Getty Images GettyImages-82795846-626x535

Reasons to Buy:

You put a lot of miles on your vehicle. Several of the reasons to buy are basically the opposite of the arguments for leasing. If you drive more than 15,000 miles a year, you should strongly consider purchasing rather than leasing. Lease contracts almost always come with mileage limits, and if you exceed these limits you can be charged hundreds or even thousands of dollars, depending on how much you surpass the annual cap.

Your vehicle is likely to sustain some injuries. If you’re the type of driver who may accidentally open your door too hard against a brick wall, or if you’re prone to casually swiping the side of concrete posts in a parking garage, you’d probably want to consider buying over leasing. Lease contracts will penalize you for excess wear and tear. So if those inadvertent dents and dings add up, it could be subtracted from your wallet at the end of the lease.

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Ever wondered what the differences are between a lease and a regular loan? Christine would like to answer that for you in plain English!

To Lease or to Buy ? Here Are Some Answers to the New- Car Shopper’s Biggest Question. David Muller. Aug 11, 2017. If you drive more than 15,000 miles a year, you should strongly consider purchasing rather than leasing . Lease contracts almost always come with mileage limits, and if you

You don’t care how new the car or truck is. Again, this is the complementary argument to the pro-leasing point about wanting a new car. If you don’t care whether or not your car is brand new, you most certainly should considering buying rather than leasing. Even if you’re financing the purchase, you are likely to save money in the long run.

You are not sure how long you want to keep the vehicle. If you buy a vehicle, that means you can sell it or trade it in any time you want without being penalized. Not only that: Whereas with a lease you are paying what’s commonly referred to as a “cost of capitalization,” or funding the vehicle’s depreciation, when you buy a vehicle and finance it, your monthly payments go toward the equity of the car or truck. Once you finish your loan term, that car or truck is all yours, and so is all of the money you get from selling it or trading it in.

So, to lease or to buy? If that is your question, factors such as whether you beat on your car, how much you expect to drive it, and whether your commitment to it is long term or uncertain should all be part of your decision.

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Understand the ins and outs of the money factor of leasing when it comes to inventory, residual value, dealer rates, and fees. Advertising Versus Actual Inventory require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); Manufacturers advertise national lease specials all the time. A $399-per-month rate (the average of all car leases) draws 3-series buyers in like the tide. What about that Civic for only $99 per month and $2999 down? It’s all possible, at least in theory.

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