Visalia is car country, and no matter what you want to drive, having a reliable and powerful car makes big adventures and daily life more fun. But when it’s time for a new car, you have lots of options: SUV vs. truck, gas-powered car vs. EV… bought vs. leased. If you’ve been thinking about the potential benefits of leasing vs. buying a car, the car enthusiasts at Visalia Ford are here to help. Get your answer to questions like, “Is it better to buy or lease a car?” with this quick guide.
The Benefits of Buying a Car
Buying and owning your own car is the most common option for drivers—and for good reason. In the leasing vs. buying a car debate, many drivers prefer to own their own car. Some of the advantages of car ownership include:
- Lower long-term costs: If you’re financing a car, you can choose a shorter-term loan with a higher monthly payment or a longer-term loan with a lower monthly payment. You get to pick based on your current budget, disposable income, and long-term financial goals.
- You build equity: Over time, you gain equity in the car and, after a handful of years, you can own the vehicle outright. Whether you want to pay off the vehicle and not have a car payment or you want to use that equity to trade in your vehicle for a newer model every so often, owning part or all of your car makes a big difference.
- No restrictions: Because you own the car, you don’t have to worry about wear and tear, adhering to any mileage restrictions, or managing other contractual terms. You can drive the car as much as you please, handle your own maintenance or work with your preferred mechanic, and even make customizations over time so the car better fits your driving style.
Negatives of Buying a Car
It’s important to consider the big picture of owning your own car. Depending on your finances, you may need to put down a bigger initial payment or have larger monthly payments. As cars get older, they also depreciate, impacting their future resale value.
The Advantages of Leasing a Car
Leasing a car offers you a lot of freedom, and to fully round out the debate on leasing vs. buying a car, it’s important to understand the unique advantages a lease can offer you. Consider:
- Lower Costs: The cost of leasing a car can be less than the monthly payment of a new car, especially if you find a good deal. You can also have a lower upfront cost, only having to pay the first month, and see startup fees.
- More Protection: Leases often have more robust warranties and maintenance programs. Depending on the make, model, and dealership, many of your maintenance tasks may be entirely covered.
- Access to Newer Cars: You can lease a new car at the end of every lease term. If you love having the latest cars and exploring new technology, leasing your car can make it easier to switch to new models that pique your interest.
Negatives of Leasing a Car
However, there are some potential constraints depending on your lifestyle. For example, leases may restrict your annual mileage to around 12,000 miles, which can be a problem if you’re frequently on the road. You may also have to pay for wear and tear that falls outside of typical usage. But if you typically have low-mileage commutes and can take good care of the vehicle, these negatives won’t impact you.
Key Factors to Consider: Budget, Lifestyle, and Driving Habits
As you weigh leaving vs. buying a car, consider these factors:
- Monthly budget
- How much driving you expect to do each year
- Maintenance requirements
- If you enjoy customizing or modifying cars
- If you prefer having access to new cars every couple of years
Find the Right Option With Visalia Ford
Is it better to buy or lease a car? If you’re not sure, our team can help you decide. Visit us today to explore models for buying or leasing and compare plans to see what suits your lifestyle best.
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