Picture this; you’re ready to get your hands on a new car, but the dealer offers you two options. You can either lease the car or buy it, which do you choose?
In this article, we’ve given you some of the advantages of both buying and leasing a car. Hopefully, it helps you figure out which option is best for you.
When you buy a car you take ownership of that vehicle, which enables you to see a few benefits that you don’t get from leasing:
It’s Yours To Do As You Please
Probably the biggest benefit of buying a car is that it’s yours to do as you please. You can do whatever you like to a car you own; paint it, take out the engine, strip it down – you name it! If you want to completely renovate your car and fit it with a new version of everything, you can, and no one will stop you.
Can Use Your Car To Borrow Money
A little-known benefit of buying a car is that you can use it to borrow money. If you’re strapped for cash, you can find online title loans that use your car as collateral. You can only do this if you are the owner of the car and can prove you have sole ownership. So, owning a car can end up helping you get out of a tricky financial situation in the future.
You Can Sell It
When you buy a car, you can sell a car. This means that you can earn some money whenever it’s time to get rid of your car and get a new one. You could also buy an old car, spend time renovating it, and then sell it for a profit!
You may think that buying a car sounds like an amazing option, which it is for some people. However, there are some benefits to leasing a car that you may enjoy:
Can Own Multiple Cars In A Short Period
A great benefit of leasing is that it allows you to own multiple different cars over a short period. Most people will keep their bought car for years, whereas leased vehicles may only last for one year. This means you could have a different car every year, meaning you get to try a nice variety.
Easier To Afford
Perhaps the main benefit of car leasing is that it’s easy for people to afford. When you lease, you pay monthly installments that are easier on your bank balance than a lump sum upfront.
Don’t Have To Worry About Ageing
When you lease a car, you won’t have it for that long, which means you don’t have to worry about it aging and the value depreciating. It’s not a concern for you, you’ll always lease cars that are in good condition and won’t have them long enough to worry about their age.
If you care about car ownership and want to be the sole owner of a car, so you have more freedom, buying is much better for you. But, if you’re someone that likes trying out different cars and doesn’t want to become attached to a single vehicle, leasing is for you!