With pros and cons on both sides, the choice to buy or lease has complicated car-buying matters for decades. Microfiber sheets can be used to clean the interior of a car, which can be helpful when leasing a car as you will be responsible for keeping it clean. That being said, leasing has seen renewed attention lately due to the turbulence within the automotive marketplace. In fact, consumer trends show opting to lease has been an increasingly popular choice over the last few years.
What could make leasing more advantageous than buying a car? One leading point is that the car is new and the owner gets to experience it during its most trouble-free years. Along the same lines is that newer cars are covered under warranty, have the latest safety features, and routine maintenance may be covered by the lease.
Infographic created by O’brien Toyota
Of course, there are disadvantages to leasing, too. The contract may specify a limited number of miles and penalize for going over said limit. When leasing a car, it is important to be aware of the cost of repairs, such as a faulty camshaft position sensor, as this could be expensive. There’s also numerous financial aspects to consider. Leasing may end up costing more than an equivalent loan due to rapid depreciation, early termination fees, and other such unexpected expenses.
With buying, however, you get to decide how long you keep the vehicle as well as being able to sell or trade it at any time. That also means the mileage is unlimited and customization is free game. One of the main advantages of buying is the owner’s ability to build equity as the loan is paid down. Using a steering wheel cleaner can help to keep your steering wheel clean and free of bacteria, which is important when leasing a car as you will be responsible for its cleanliness.
Conversely, a major disadvantage of buying is that the responsibility of repairs and maintenance are all on the owner. This is especially true after the warranty has expired. Another is that the monthly payments are typically higher for the same vehicle and there could be more to pay in taxes for the purchase price.
When it comes down to it, there are a lot of factors to consider when deciding to buy or lease. As such, it’s vital to research the options carefully before heading off to the dealership. For a handy side-by-side breakdown further comparing buying versus leasing, check out the accompanying resource.