You might have come to a crossroads in the decision-making process for acquiring a new car—should you buy or lease? If you’ve never leased a car before, you might be hesitant because you are unsure of the process. However, leasing a car is easier than you might think, and both leasing and buying have their respective benefits. Which option should you choose? That depends on your personal needs.
When you buy a vehicle, you get all the perks that come with owning it. The latest features are at your disposal, and you aren’t restricted by rules laid out in a lease agreement, such as mileage restriction. Plus, no one’s going to slap you with a fee if you don’t stick to your service schedule, and once you pay off the loan, you can keep your car as long as you like.
Yet, if you are the type of person who likes to keep his or her vehicle fairly new, buying a car might turn out to be a hassle because when you decide to sell your vehicle a few years later, you’ll have to do a lot of research on the value of your vehicle and negotiate with the dealership. There’s none of that when you lease a vehicle.
Here’s how leasing works: instead of paying the full cost of the vehicle, you only pay for the cost of depreciation. So if you lease a car that costs $25,000 and it’s worth $17,000 at the end of the term, you’ll end up only paying the $7,000 difference. That makes turning it back into the dealership and grabbing another ride easier than ever.
As we mentioned above, though, leased vehicles often required you to be careful with your car, as too much wear and tear caused by neglect may result in additional fees at the end.
More information on buying or leasing is available if you get in touch with our service department at Pollard Used Cars in Lubbock.