It's not easy choosing between buying and leasing. Let's look at the pros and cons of each and help you decide.

Pros of Leasing

  • Lower monthly payments. You only pay for the depreciation over the duration of the contract, which can be as low as half the cost of buying!
  •  Lower repair costs. Factory warranties normally last the entire duration, which not only contributes to lower maintenance and repair costs but also to a more hassle-free experience.
  • You get to drive a new car every 2-3 years each time you begin a new lease.

Cons of Leasing

  • If leasing cars back-to-back (presumably because you would be out of a car after returning the leased vehicle), it may become more expensive than buying.
  • Leased vehicles need to be returned in sellable condition, so they have mileage and customization limitations. However, you may negotiate a higher mileage limit if this is a problem.
  • Ending the lease early may be almost as costly as sticking to the contract.

Pros of Buying

  • A sense of ownership pride that can't be quantified.
  • There are no limits on what you do with the vehicle. Drive it as far as you want or modify it as you please (as long as it remains legal).
  • Buying can be more economical if you buy used and resell down the line or if you drive the vehicle until it's on its last legs.

Cons of Buying

  • Higher down or monthly payments.
  • Maintenance and repair costs can become a concern after warranties expire.
  • If you intend to sell the vehicle later on, you'll have to worry about depreciation, trade-in hassles, or even finding a buyer.

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