When it comes to car buying there can be a lot of hard choices to make. One is whether you plan to buy or lease your new vehicle. There are benefits and drawbacks to both sides but what are they? This week’s blog has you covered when it comes to that.

Why lease:

• Little to no down payment

• Cheaper monthly payments

• Service can be included in your contract/ Car is covered under warranty

• Latest vehicles and technology

Why not to lease:

• Mileage restrictions

• Excess wear and tear fees

• No equity in the vehicle

• Good credit is sometimes necessary

Why buy:

• No restrictions, the car is yours to do whatever you want with

• Your credit doesn’t need to be outstanding

• No monthly payments after paying off the loan

• No fees due to excess wear and tear on the vehicle

Why not to buy:

• Hefty down payments or monthly payments

• Depreciation can happen quickly and unexpectedly

• Long-term loans can have you paying for your vehicle for more than you planned

• Service costs come out of your pocket

Whichever option you choose, there will be positives and negatives. It is important to factor in how much you drive on a regular basis and how much your monthly income is. If you tend to drive a lot, buying the vehicle might be better for you in the long run. But, if you don’t and don’t want to spend too much on a new car, leasing is a great option! Our finance team can help you decide further – don’t be scared to ask the questions! It is important you get exactly what you want and need.