Leasing vs. Owning a Car: Which is Better for You?

Other than buying a house, getting a new or used automobile is one of the most costly purchases you will make in your lifetime. If you're overwhelmed with the prospect of saving for the full price of a vehicle or getting an auto loan, there's always an option to lease.

Here are pros and cons of leasing a car as opposed to buying one.

  • It's fun to drive a new car every few years!
  • Monthly payments are usually lower than auto loan
  • No worries about selling and trading vehicle.
  • A warranty is always protecting you and your vehicle

Usually, the payment on a leased car can be around 60% less than your monthly payments if you were buying the same automobile and financing with a traditional auto loan.

Having a warranty is also a huge plus. It can be incredibly irritating if your new vehicle has big issues right after your warranty ends and you're left with zero coverage. Everything is covered with a lease and that appeals to many people on the car hunt.

Cons of Leasing:

  • You'll need to have constant predictable income
  • You will fork over more cash over the long-run to get the benefits of the lease
  • You can only drive a set number of miles.

Pros of Buying

  • You get to own a car!
  • Customize the car to your liking
  • Put on as many miles as you want
  • Not at risk of possible lease-end charges
  • It's a great feeling to do whatever you want without the fear of additional costs. As long as you drive your car for an extended period and have good insurance, you won't lose out financially.

Cons of Buying

  • Hefty post warranty costs that could arise
  • Responsible for selling and trading vehicle
  • Higher monthly payments than a lease
  • Responsible for trading or selling your used car if you want a different one

The cons of purchasing a car are minimal. In short, leasing is cheaper in the short term. In the long term, buying a vehicle is usually less expensive. The team at I-70 Auto Service will help your car last for as many years as you want to keep it. Contact us if you have any questions about buying versus leasing. We’ll also be happy to assist you with other inquiries about other auto repair services. You’ll find I-70 Auto Service is located at 3111 Stadium Drive in Kansas City, MO 64128.