New Car : Lease Versus Buy ? That is the question - Panda CashBack

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New Car Lease Versus Buy ? That is the question
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Summer is a wonderful time of the year, not only
for a vacation, but also to get yourself into a
nice smooth high tech car, with so many deals and
discounts, you may find yourself tempted to get a
new car, or it might be just the time for you to
update your car before that cold terrible winter
come by, once you start looking into new cars, it
will not take you more than a visit to a dealer
website or store before you find yourself asking
this question if you should lease a car ? or buy
a car ? It is important to understand there is no
one right or wrong answer, it will all come down
to what you want/need. Once you understand the
difference between Lease Versus Buy a car, you
might be able to decide instantly. So, lets take
a minuet here and understand the Pros and Cons
of Car Buying vs Car leasing.
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Pros of leasing a Car

• Low Upfront / No upfront payment

• Low monthly payment

• You are stuck for few years with new car, once
  the lease is over, you can get a newer car

• Option to Buy-in the car by the end of the lease

• You know what you loosing upfront, what you pay
  for the car is what you loosing in the
  investment, you dont have to worry about resale
  value

• Low Sale Tax You pay sale tax only on the
  monthly payment ( the depreciated portion of the
  car and not the entire car )

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Cons of Leasing a Car

• Early Termination Fees Can be very excessive,
  you would probably save more by not terminating
  the car early and keep it parked in front of your
  house.

• Millage Limitations You are limited to usually
  10k,12k, or 15k mile per year (you can buy more
  in advance, but if you ended up using more than
  what you agreed on, the dealer will end up over
  charging you per mile).

• You have no equality Buy the time you return
  the car, you may need to buy or lease another car.

• You have no equality Buy the time you return
  the car, you may need to buy or lease another car.

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Pros of Buying a Car

• Car value depreciate fast

• You pay more down payment and settlement

• Pay sale tax on the full price of the car

• If you keep it on the long term, you will have to
  be more concerned about maintenance.

• Buying a car make it harder for you to own a new
  car on the near future.

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At the end of day, buying a car versus leasing
it, it all come down to your usage and how good
of a user you are. If you have children who love
to mess around your car is parked on the street,
and you drive long distance or road trip lover,
the chances are leasing is not the best option
for you. On the other hand, if you have a nice
garage, no children, and have limited travel
distance, lease might be the perfect option for
you
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