Whether you’ve considered upgrading your current car or experienced a recent breakdown, there are many reasons to shop for either a new car or a lease. Find out the differences between buying vs. leasing a car and discover how you can enjoy an affordable, stylish set of wheels today.
Advantages of Buying a Vehicle
Unlike a lease, buying a car offers you the benefit of owning your own vehicle. If you have the financing available to buy the latest new and used vehicles available, you’ll enjoy a lower overall investment after years of driving. You also have complete control of any customization of your vehicle. Add awesome aftermarket wheels, upgrade your paint job, or invest in an improved suspension system for offroad driving.
Buying a car is a great way to avoid hidden fees. Don’t pay excessive lease fees, but enjoy a reasonable money payment plan when you choose premier financing options. Depending on your down payment and other factors, you can enjoy affordable monthly payments that are reasonable and pay off your loan quickly.
Thanks to leading new and used car dealerships, you can enjoy an extensive selection of cars for sale. Dealers typically only lease newer vehicles to prevent a leased vehicle from breaking down. Vehicles for sale can be new, old, and anywhere in between.
Disadvantages of Buying a Vehicle
Of course, there are some disadvantages to purchasing a vehicle. Depending on the deal you receive and the financing you choose, your monthly payment may be higher when you purchase a vehicle. A lease payment, on the other hand, is typically more affordable for long-term payment options.
While some competitive financing options require a small down payment, most require a larger down payment than leasing. A large down payment can make it difficult for individuals with little credit or cash to receive the car of their dreams. Your down payment and credit score can affect your financing options, but the value of your vehicle can also affect the available financing.
Pros of Leasing a Vehicle
One of the biggest advantages of leasing a car vs. buying is that you won’t have to worry about depreciation with a leased vehicle. All vehicles depreciate over time. If you’ve taken out a large loan to purchase a vehicle, it may quickly lose more value than your loan is worth.
Leasing, however, allows you to continue to make fixed payments over the course of your lease. You’ll enjoy a brand-new or like-new vehicle every few years as you renew your lease and won’t have to deal with the cost and stress of selling your car.
Cons of Leasing a Vehicle
If a lease is your long-term plan for your vehicle, you’ll pay far more over your lifetime than owning vehicles. After you’ve paid off a car you own, you’ll experience far less in monthly payments. Leasing, however, never stops requiring monthly payments.
Some leases require specialized insurance, known as gap insurance. This insurance is an additional cost that you won’t have to worry about if you own your car outright.
When you find a great deal on aftermarket parts for your leased car, you’re often restricted by modifying your car in any way. For DIY enthusiasts, a lease may prevent you from enjoying the weekend projects you love.
Compare Cars for Sale and Lease at Automax of Las Vegas Today!
Now that you’ve reviewed leasing vs. buying a car and the pros and cons, it’s time to make a decision. If you’re ready to check out great deals on used vehicles near Las Vegas, stop by Automax of Las Vegas. Learn more about our great deals and contact us today about new and used vehicles and enjoy dynamic financing options to afford to purchase your own car today.