Cars & Vehicles

What are the advantages of personal car leasing compared to buying a car?

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2013-05-29 02:52:40
2013-05-29 02:52:40

Buying a car has many advantages as well as disadvantages. Opposed to buying a car you have to pay a lot of money compared to leasing. In the end, it all depends on the balance of your bank account and how much do you think you should spend.

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Buying or leasing is a personal preference. There are advantages and disadvantages to both ways. In leasing, you use the car for a specified number of years, making payments on it just as you would if buying, except that at the end of the lease, you return the car to the dealership and basically walk away owing nothing more. When purchasing/buying, one assumes all the costs of maintenance as well as depreciation values.


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There are many arguments for and against leasing over buying and visa versa and as such it is ultimately subjective. That said the benefits of leasing over buying outright is the option to change the car more frequently andnot having to pay out one large lumps sum. If at the end of the contract some companies then would offer to sell the car for a reduced cost as the depreciation of the car would be taken off the initial cost of the car when it was first entered into leasing.


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Leasing carries financial and other advantages for some consumers. Some of the biggest pros of leasing lie in reduced maintenance, lower costs and greater flexibility. Below is more information about the benefits and downsides of leasing versus buying.Lower PaymentsLease payments are designed differently from loan payments and are often cheaper. Charges for depreciation and financing are added to make lease payments. Loan payments for car purchases are composed of principal charges and finance charges, and the lending company keeps the legal title until the loan is repaid in full. Lease payments often end up costing less per month than loan payments.Advantages at Trade-InWhen it's time to trade in a leased vehicle, drivers enjoy a few major advantages. Consumers who lease can get a new car at the end of each term, a major benefit for drivers who love trying new cars and following trends. Having a fresh car that's in great shape is also an impressive show of affluence. Leasing also lets consumers easily buy their leased vehicle for its residual value according to contract, lease another vehicle from the same brand or try a completely different car. In some cases, drivers can buy the vehicle they leased and sell it for profit on the used car market.Downsides of LeasingLeasing does carry disadvantages in some situations. Consumers with poor credit may not qualify to lease a vehicle at all. Because drivers don't own the cars they lease, they are responsible for any damages when the contract is over. Vehicle customization is also more complicated because all customizations must be removed at the end of a lease, and repairs have to be made if damages have occurred due to modifications.Vehicle leasing can be a great option for consumers with stable finances and a preference for new cars. Compared to buying and keeping a car for a decade or more, leasing also puts more money into the economy, which ultimately benefits everyone. While buying may be more convenient in some cases, leasing is a better deal for many drivers.


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