Should I Buy or Lease Sep 26, 2011
It’s that time of the year for the new 2014 models to start hitting showrooms. The one question we often hear is “is it better to buy or lease a car?” There is no right answer and it all depends on what you’re financial and lifestyle needs are. However, here are some things to think about when going through the process:
- Regardless of buying or leasing you can negotiate the price.
- In general, it’s easier to get approved for a loan vs. a lease. Check your credit score which will greatly determine your rate.
- Avoid customizing your car on a lease. You will have to remove any modifications and pay for any damage done.
- Normal wear and tear is expected on all cars. When returning a lease you will be billed by the dealer for any scratches and dents – it’s generally cheaper to return the car repaired than have the dealer do it. When trading in or selling your car the overall condition of the car will greatly impact the value of the car.
- Car maintenance can be expensive. Most leased cars are covered throughout the length of the lease and may include all routine maintenance. A new cars warranty depends on the manufacturer and typically doesn’t include routine maintenance such as oil changes.