Should You Lease or Buy?

If it’s time to purchase your next vehicle, you may be wondering if you should lease or buy. Both have pros and cons, and it can be hard to decide which one is best for you. If you’re struggling on whether to lease or buy, our questionnaire will help you understand the major differences between leasing and buying and which option fits your needs and wants best.    

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Should You Lease or Buy?

19 Oct 2017

Should You Lease or Buy?

If it’s time to purchase your next vehicle, you may be wondering if you should lease or buy. Both have pros and cons, and it can be hard to decide which one is best for you. If you’re struggling on whether to lease or buy, our questionnaire will help you understand the major differences between leasing and buying and which option fits your needs and wants best.  

QuestionAB
  1. How much do you drive?

Under 15,000 miles a yearOver 15,000 miles a year
  1. How flexible are you on the amount of your monthly payment?

Want lowest payment option Flexible on amount
  1. Do you want to modify your car?

NoYes
  1. Will your car needs change—such as driving more or needing a bigger vehicle?

NoYes
  1. Are you interested in changing your vehicle every few years?

YesNo
  1. Do you have a family?

NoYes
  1. How many hours a week are you in your car?

Under 10Over 10
  1. Are you worried about high out-of-pocket costs?

YesNo
  1. Are you interested in a car out of your price range?

YesNo
  1. Do you want to someday not pay a car payment?

No Yes 

If you answered A to more questions, then leasing may be the best option for you. Leasing allows you to drive a higher-end car for lower cost, and often times the initial out-of-pocket costs and monthly payments are lower. But leasing usually ends up being more expensive in the long term, and you have to be careful with mileage overage costs and wear and tear to the car.

If most of your answers were B, buying fits your situation better. Buying a car is less expensive in the long run, even though your monthly payments and down payment may be higher. If you have a family, spend a lot of time in the car or want more flexibility to do what you want with your car, buying is best. You can trade or sell your car at any point when you buy; terminating a lease early can lead to major charges.

Answering the questions above can help you see the bigger picture and know if leasing or buying is better for you. When you’re ready to start looking for your next car, try out our auto calculators to see how much car you can afford and get a grasp on what a monthly payment would be for the cars you’re interested in.

Have other questions about leasing or buying? Let us know in a comment below!

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