Buying vs. Leasing a Car

July 10th, 2018 by

Should you Buy or Lease a Vehicle?

If you are contemplating this question, let me help you out a little and give you information on both. One of the hardest decisions to make is deciding on a new or used vehicle. For me, it was simple, because of the numbers, and also I know that my life will be changing in the next couple of years so I did not want to be stuck with a vehicle that would not fit my family.

Reasons To Lease a Car

If you are like me and like to get new things then you would want to think about leasing your vehicle. One reason why some people cannot lease is because of their credit. Having a good credit allows you to lease a vehicle. If you do not do very much driving this is also a good option to look into. There are multiple different mileage restrictions but you can choose which plan fits you best. I went with a three-year lease because I know I will want to keep my Optima for that long and stay in a sedan before I have to upgrade to an SUV. When you lease a vehicle they give you multiple incentives to keep leasing when your lease is up.

Leasing allows you to “test out” the vehicle for a couple years so that you can decide after that if you want to keep the vehicle. Whereas when you buy the vehicle you are stuck with it unless you sell it. You do not always get back what you plan on getting when you sell your car, it also depends on how many miles you have put on it. Some of the cons with leasing are added costs, it is a contract, and you have endless payments.

bi_graphics_buying a car vs. leasing a car

Source: BusinessInsider.com

One thing that remains the same with either option you decide is the fact that you get a brand new vehicle and full warranty.

Pros and Cons Of Buying Your Vehicle

So now lets’ talk about the pros of purchasing your vehicle. The car is yours!!!! Well until/if you decide to sell it or something happens to it. The first car that I got was a ’06 Sonata that my mom had purchased in 2005. So I have seen both routes that can be taken. Buying your car means that the vehicle is yours, there are no contracts as soon as you sign the last paper that car will belong to you until you decide otherwise.

When it comes to payments you do not have to worry about having a payment forever. Your payments end when you pay the vehicle off. When you lease you never pay the vehicle off unless you decide to refinance, which is an option. Another reason to buy is you are not charged for going over your mileage or wear and tear. You can do whatever you want to do in your car because it is not a lease.

One of the downfalls is if you like having a newer vehicle. If you like buying your vehicles it makes it a little harder when you want a newer car every couple of years. In this case, it makes more sense to just lease a vehicle. Another downfall is all the hassle you have to go through when you are wanting to sell your vehicle to the dealership and buy a new one. You have to go through all the paperwork and do not always get the money that you are expecting to get.

Either route you take you will be getting a great deal and a fabulous warranty through Lawrence Kia. Browse All Our Kia Inventory Now

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