Leasing VS. Buying a Used Luxury Car

One of the hardest parts of getting your next vehicle, though, is deciding whether to lease a new vehicle or purchase a used vehicle.

Read on to find out more details about these options and to find out which one might be best for your needs! First of all, it’s important to understand that leasing is a lot like renting your car, while financing or a loan is purchasing a car on credit. That’s the major difference between the two. So what are some of the pros and cons of each?

Leasing

A lease will require that you return the vehicle at the end of a set term. Whereas when you finish making payments on a loan, you get to keep the vehicle and never make another payment on it again.

Leasing is almost always less expensive month-to-month, when you compare equivalent vehicles. That’s because you’re not purchasing the vehicle and will have to return it down the line. Leasing will result in early termination fees, though, that can be costly if you decide you don’t want to stick with the vehicle until the end of the lease term. When you own your vehicle you can sell it or trade it in whenever you want.

Additionally, leases often incur additional charges if you drive more than a set number of miles. They can also charge you extra for excess wear and tear on the vehicle.

Leases will almost never let you customize your vehicle. This is because the lessor will want the vehicle returned in the same condition that it started in. If you want to customize your vehicle in any way, you’ll want to purchase your vehicle with a loan or outright.

Buying

Loans are a great way to getting that used luxury car that you’ve been wanting with all the extra features for a lower price than leasing a new one. The best catch is that it’s your car to keep.

When you get a loan to purchase your car you only have the monthly payments until the loan is paid off. After the loan is paid off the car is all yours and you it doesn’t have to be given back like it does when you lease a car. There is also no mileage limit to how far you can go. It is your car and no one is stopping you by telling you how far you can go.

The best part about buying a used luxury car is that you can purchase the vehicle how you want it to be. With all the extra features that you like and you can add the features to a car you find if it is missing anything. When you lease a car you cannot make any changes to it because they want it in the same condition that it was given to you as.

Often times getting a loan to buy your car can sometimes be a bit more expensive, but in the end it will be worth it because you can say the car is yours and it will come just the way you want it.