- Leasing presents a monthly payment lower than purchasing, with smaller payment when you sign.
- On the same monthly allowance as with purchasing, you are able to get a newer model car with that cost.
- With a lease's factory warranty, maintenance is cheaper.
- When your lease term is up, you are able to trade in for a newer model up front.
- Once your lease is finished, returning the vehicle is hassle free.
- Once your lease term has ran out, the car must be returned, but you are given the option to purchase the vehicle then.
- Mileage is usually 10,000 to 12,000 miles a year, if over the mileage, a fee will have to be paid.
- A leasing contract is more complex than a purchase contract.
- Falling into the loop of leasing vehicles, you will spend more money in the long run than outright purchasing.
- When the lease is up, the car must be returned in the same condition.
- Terminating your lease earlier can be very costly.
- Purchasing a vehicle allows you to drive as much as you want; no mile caps on your car.
- Car modifications are now possible since you are the owner of the vehicle.
- Compared to leasing, purchasing a car will save you money in the long run.
- You are able to sell your car if you do not like even if you are financing it.
- Manufacturers typically ask for a down payment of 10% to 20% of the cars value.
- Car payments are a higher amount than lease payments.
- All of the cars upkeep is on you after the factory warranty is up.
- Issues may arise with trade-ins when attempting to purchase a new vehicle.
- Depreciation begins as soon as the car is taken off the lot.