Leasing vs. Purchasing That New Vehicle

You’re ready for that new vehicle. Now should you purchase or lease? Here are the facts. It really all depends on your lifestyle and use of the new vehicle. Leasing will allow you to drive a much more luxury vehicle for far less money, also consider the tax write off if you are using the vehicle to entertain clients. For others turning in a vehicle at the end of a lease allows them to always have a new vehicle every few years.
     
I have put together some pros and cons of leasing vs. purchasing.

Advantages of Leasing
• Lower monthly payments
• You can drive a better car for less money
• Lower down payment
• You can be driving a new vehicle approximately every 3 years
• There is no trade in questions of what your vehicle is worth
• You will only be paying taxes on the portion of the vehicle you finance
• You don’t own the vehicle
• Your mileage is limited, which means if you go over the agreed upon mileage for your lease you may pay a fee at that end of your lease
• It will cost you to terminate a lease early if you need to
• Wear and Tear charges can add up, however at Browns we have a wear and tear program that protects you up to 5,000 at the end of your lease, well worth the cost.
     
Advantages of Purchasing
• Pride that you own your vehicle
• No penalty for mileage
• You can easily sell your vehicle whenever you want
• Purchasing is more economical in the long run
• Rates are at an all-time low

So basically leasing makes it easier for you to get more car for less money. In view leasing looks great for the short term. But on the other hand leasing will be more expensive. You will always have a car payment and never own anything.  

Most shoppers aren't able to pay cash for a new car, so you will need to decide how you are going finance it. While many people take out a car loan, leasing a new vehicle is simply another form of new car financing.

When it comes to buying and leasing, there is no one size fits all answer. Consider your budget, driving needs, lifestyle and credit history before you decide whether to buy or lease. At Browns we are professionals at helping you figure out the best option for your needs. 

 Enjoy your new vehicle and drive safely!