PEKIN, Ill. – Buying or leasing a car is a huge decision. With many different benefits for both options, you ultimately have to choose what works best for your unique situation. To help you out we’re going to tell you what the difference is between buying and leasing a car.
Benefits of Buying:
- You own the vehicle.
- You can sell or trade vehicle at any time.
- You can customize your vehicle.
- No mileage limit.
- After you’re done paying the vehicle off, you have no more payments.
Disadvantages of Buying:
- Higher down payment.
- Higher monthly payments.
- You’re responsible for car repairs.
- You have the hassle of trading in or selling your car.
- Car depreciates in value over the years.
Benefits of Leasing:
- Lower monthly payments.
- Lower down payment.
- Normally a better/ more updated car.
- You can have a new car every 2-3 years.
- Lower repair costs.
Disadvantages of Leasing:
- You don’t own the car.
- No customization allowed.
- Penalty for going over mileage.
- It’s expensive to terminate a lease contract early.
- Leasing is more expensive in the long run.
So what is the difference between buying and leasing? Well, there are many! It all depends on what you’re looking for in a vehicle. Would you rather own one vehicle for several years and pay less, or would you like a new car every two to three years for a little more money? They both have great benefits no matter what you choose.
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