If the time has come that you are in search of a new car, you are likely spending some time researching whether or not to finance your next car or to take advantage of the lease offers available. What the decision comes down to is what the wants are and needs are you have in a new car that will help you decide what is the best option for you and your budget. In an effort to help your decision we'll list out some items that you will want to think about.
- Monthly payments will be lower as you are not paying interest rates
- Less money down for the deposit
- Lease length are typically for the life of the bumper to bumper warranty
- Car technology is greatly advancing and leasing will allow you to get the latest tech every two to three years
- Responsible for routine maintenance services such as oil change and etc.
- Yearly mileage limitations
- Either turn the car in at the end of the lease term or purchase for the depreciated value
- Monthly payments are higher since you are paying interest
- You own the vehicle
- Larger down deposit needed
- Once car loan is paid off, vehicle can be modified to your liking
- Can keep or sell the car at any time
- Responsible for all service costs not covered by warranty
- Resale value will depend on upkeep of vehicle