Buying a car also provides multiple benefits for drivers. This is true if you pay for the car completely upfront with cash or by check. This is also true if you finance an auto loan to make the purchase. Automobile ownership gives you certain rights and flexibility. Vehicle ownership also benefits you financially. Is it better to lease or buy a car? Find out the answers by reading more below.
When you lease a vehicle, you are required to return it in the same shape it was in at signing time. When you purchase a vehicle, you have complete control over how you personalize your vehicle. Vehicle personalization is important to a lot of drivers in the U.S. today.
Even though the bank or other applicable lender holds the title of your vehicle until you pay off your entire loan, you still have the right to change anything you want on it, at least appearance-wise. This includes upgrading your wheel types, customizing, or adding a customized spoiler and changing the paint color. Please note: If your car is covered by a manufacturer’s or third-party warranty, you might have some limitations to the ways you are permitted to change elements under the hood.
Leasing a vehicle almost always imposes certain restrictions on mileage. When you own a vehicle, you have zero mileage restrictions whatsoever. How does this save you money? If you go over your allotted mileage during your leasing agreement term you will be charged additional fees when you turn in or trade-in the vehicle.
When you own an automobile, you never have to worry about additional fees for taking that extra side-trip, etc. When you own or lease a vehicle you are responsible for handling and paying for wear-and-tear and basic maintenance services (including parts). When you turn in a leased vehicle, however, anything more than approved wear and tear will cost you extra money.
Buying a car also saves you money when you pay for the entire sticker price with cash. This is not always possible for every driver. If it is, however, an up-front in-full cash payment usually gives you more negotiating power, which results in a much lower purchase price.
Finally, buying a car allows you to keep your vehicle, which means the money you spend is not simply gone like it is when you turn in a leased vehicle. Essentially, buying vs. leasing a car equates to purchasing a home or renting an apartment.