If you’re on the market for a vehicle, you may be wondering whether you should lease or buy your new used car. This is a valid notion many people ponder in such a situation. And it’s a valid concern. After all, there are pros and cons to both and you may be curious as to which one is the best choice for you, personally.
At Edge Autosport in Evansville, our used car dealership is chock-full of new and used vehicles. Additionally, our expert team of salespeople has the knowledge and experience to help you determine which option is best given your unique circumstance.
So keep reading to find out the pros and cons of both buying and leasing a used vehicle to see which option is best for you.
Buying Pros
There are plenty of advantages that come with purchasing a used vehicle, and many times, these benefits are glossed over by people. Here are a few of them for you to consider:
1. Reduced out-of-pocket cost
A used vehicle retains a low market value relative to a new one. As such, your costs are reduced when buying a new car, but you might keep the same attributes and advantages of a newer trim.
2. Insurance won’t be as expensive
Based on your driving history, your price of insurance could be reduced, which allows you to allocate your savings to more detailed insurance coverage.
3. Blemishes aren’t as pesky
Typically, a used vehicle will come with a couple of dents, dings, or scratches. This makes it less stressful when additional scrapes or abrasions occur.
4. Lengthened vehicle life
Contemporary vehicles that are well taken care of can go for 100,000 miles or more. Buying a used vehicle with more mileage allows you to see many additional years of performance from your car.
Buying Cons
1. No personalization for a used car
Purchasing a new vehicle allows you to select your own features and attributes, like color, type of sound system and a variety of other features. However, a used vehicle simply is what it is. You won’t be able to modify the color or change the features. You either take it or leave it.
2. You’re responsible for maintenance and upkeep costs
New vehicles offer a manufacturer’s warranty that you won’t be entitled to when you purchase a used vehicle. When you purchase a pre-owned vehicle, you’re responsible for upkeep costs.
Leasing Pros
1. Reduced costs
Due to not having to put a down payment on a leased car, your out-of-pocket expenses – in addition to your monthly expenses – are reduced when compared to purchasing a new or used vehicle.
2. No depreciation stress
If you lease your car, you’re not on the hook for its depreciation. This means you won’t have to stress about its resale value. In fact, once the lease is up, all you have to do is return it, and then the dealer handles the drop in market value due to depreciation.
3. Disentangles your taxes
Some vehicle expenses can be written off with a leased vehicle for business purposes.
4. A new vehicle every couple of years
If you value variety, then leasing is the best option for you. After your lease is up, you can exchange your car for a new one. You can repeat this process indefinitely if you wish.
Leasing Cons
1. Payments will be a way of life
When you buy a new or pre-owned vehicle, eventually, you’ll pay the vehicle off. But when you decide to lease vehicles consistently, there will always be a payment hanging over your head.
2. Car insurance is more expensive
Due to the fact that you’re renting the car, insurance premiums will be higher, so you’ll pay more money for insurance.
3. You may pay penalties for more miles
If you lease a vehicle, you make an agreement with the agency for a certain amount of mileage within the timeframe you leased the car. If you exceed those miles, you might be subject to additional fees.
Final Thoughts
Buying vs leasing has both pros and cons. As such, the option you pick will be based on your own needs and preferences. But if you’re looking for help or need assistance in any way, we here at Edge Autosports in Evansville, IN offer the best quality-checked used cars and trucks. Contact us today to book an appointment or apply for a used vehicle online.
