Leasing is an excellent option if sleek design and new technology are top priorities. However, some drivers may find that lease terms like mileage limits and end-of-lease fees make buying a better choice.
What you drive says a lot about your personality. Do you love to race around corners and put the pedal to the metal?
Buying vs. Leasing
For some consumers, leasing can be a good option because it typically requires lower monthly payments and lets them drive the latest car technology. But buying may be better if you’re going more than the average number of miles per year and don’t feel comfortable adhering to the mileage restrictions found in most leases.
Buying a vehicle prepared by professionals like those at Turner Chevrolet can also eliminate some of the hassles and unexpected leasing costs, including extra charges for dents or scratches, wear-and-tear, and other customizations.
Buying tends to make more financial sense than leasing, giving you an asset you can sell or trade in at some point. But the decision depends on your priorities, needs, and budget.
Many buyers are finding the price of cars is increasing. Various factors have driven up prices, including the COVID-19 pandemic, chip shortage, supply scarcity, and rising interest rates.
Consumers must also factor in insurance, registration fees, and fuel costs. Used vehicles offer a chance to reduce multiple costs, but buyers may need to adjust their list of wants and accept some compromises in style and features.
Leasing is less expensive than buying, allowing drivers to drive new models without the risk of depreciation.
However, consumers need to consider the additional fees associated with leasing, such as acquisition/bank fees, disposition fees (at the end of the lease), mileage allowance penalty fees, and doc fees (dealer add-ons). These extra charges can quickly add up.