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THE COMPLETE CAR BUYER’S GUIDE
In the end, there are pros and cons to each approach. A lightly used vehicle can give
you modern amenities at less cost, but a new vehicle might make more sense for you
depending on the offers available and your personal taste. Even if you have a specific
option in mind, it’s good to keep an open mind when looking at what is available.
BUYING VS. LEASING
It can be difficult to decide whether to buy or lease a new car. But once you know the
basics, the decision isn’t quite as complicated as it might sound.
If you don’t know what leasing is, think of it as almost a long-term car rental. You’ll
sign a contract for a new vehicle, you’ll make monthly payments on that vehicle, and
you’ll bring the vehicle back to the dealership once the contract is up. Many lease
contracts allow you to buy the vehicle after the lease is over, and you’ll just have to
make payments on the remainder of the vehicle that you didn’t cover with your lease
payments.
Leasing is a popular option because it’s a fast and affordable way to get behind the
wheel of a new car. Dealerships also push leasing deals because a vehicle returned
after a lease makes for an excellent used vehicle to resell.
That said, leasing does come with a few stipulations. First of all, you’ll only be
permitted to drive a certain amount of total miles. This is usually around 10,000 to
12,000 miles per year, but it can vary depending on your contract. Buying a new car
may be preferable if you plan on frequent commutes or long road trips.
Second, you don’t fully own a car while you’re leasing it. If for some reason you want
to get rid of the car before the lease agreement is up, you’ll have to pay a cancellation
fee. Choosing to buy a car gives you a little more freedom, since you can sell the car
to recoup your remaining payments or transfer the loan entirely.
It’s worth noting that leasing can actually be more cost effective than buying a
vehicle. Even if a vehicle you’ve purchased lasts you longer, the combined sum of two
separate three-year long leases could still be cheaper than a single car. That said,
buying a car outright could still be the better deal in the long run depending on how
long you own it and what promotions you take advantage of at the time of the sale.
Leases are great for casual drivers who want to drive a car in its prime, which means
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Charles Higgins, 931-273-6793
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higgins.charles@drivemurfreesboro.com