Lease, Buy New, or Buy a Used Car?

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Lease, Buy New, or Buy a Used Car?

Should you Lease, Buy New, or Buy a Used Car?

Going to a car dealership can be quite intimidating. One of the decisions that you will need to make is whether or not you want to purchase a new car or a used car. You also need to decide on whether or not leasing a vehicle is the best choice. There are pros and cons for each option and you should understand each of them before heading to the dealership.

Should you Lease, Buy New, or Buy a Used Car?

The most expensive option is to purchase a new car. However, this is also the option that is for the longest terms. New cars are typically under a warranty for at least a few years. When you purchase a new car you could end up driving it for as long as ten years. Unfortunately, for many people the cost of a new car is prohibitive.

Leasing a new vehicle is an option for those who wish to drive a new vehicle, but cannot afford the price of a new car. Leasing provides new vehicles at a cheaper price. However, when the lease of the car ends you do not have anything to show for it. If you have a need to drive a newer vehicle and you are on a budget, leasing could be the most reasonable option. However, when you lease a vehicle you are basically just renting the car for a set amount of time and then when the lease is over you have nothing to drive.

Purchasing a used car offers a way to get a car for cheaper. However, the car is not brand new. Late model cars can provide you with several years of drive time before needing to be replaced. Purchasing a used vehicle is often the best value for your money according to many car experts and personal financiers.

Making the Choice

When it comes to choosing between purchasing a new or used vehicle or leasing a vehicle it is a matter of personal preference. For most people it is going to make the most sense to purchase a used vehicle. New vehicles lose almost twelve percent of their value in the very first year. Unless you have a direct need to purchase and drive a brand-new car, it is often not the best investment for your money. Leasing is typically not the best option as it is just renting with nothing to show.

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