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Pros & Cons of Buying vs. Leasing a Car

September 14, 2020

Looking at getting a new car is exciting. There's nothing quite as nice as the new car smell. Cars are all fun and games until you see the price tag. Do you know if you want to buy or lease it? See below for the pros and cons for each option.





  • Your monthly lease payments are usually lower than loan payments when buying

  • You can get a new car when your lease term is up with updated safety & tech features

  • Vehicle is typically under warranty for the duration of the lease


  • You own the car after you pay it off

  • You have equity in the car, and it's can do with it what you want


  • You don't have any equity in the car so you are essentially renting the car and always have a car payment

  • You have to abide to the lease terms and sometimes have fees for driving over the specified mileage limit, excessive wear and tear, and damage done to the car



  • Loan payments when buying are usually more expensive than monthly lease payments

  • It depreciates over time

  • Post warranty maintenance expenses

You've got options. If you're willing to always have a car payment when leasing, you can have the benefit of getting a new car with updated safety & tech features every 2-3 years. When buying, if you want to have ownership in a car, you have to realize that the value of the car is going to depreciate over time and you will have to pay for all repairs after the warranty expires. Neither is a bad choice. It's up to you. 

Once you decide, you can enjoy that new car smell. Also, don't forget to GIVE US A CALL to get it insured.

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