When To Buy
Perhaps you are considering buying a car instead of leasing. Leasing isn’t always the best option so let’s discuss all the best reasons to buy instead of leasing.
What Are Your Needs?
Think about how you’ll be using your vehicle day to day. Is it essential that you own the it in order to get the most value from it? Are you prepared to take on all long term maintenance costs? Depending on what you need, here are the essentials that would require a purchase rather than a lease.
You Have A Dream Car
Some people just know the car they want. If you are one of these people, then you know there is no other option other than the car you have in mind. But even in this situation, leasing before you buy may be a better choice.
Leasing is a great way to get serious experience driving a vehicle before buying. Even if you have a dream car in mind, after driving it to and from work for 2-3 years, you may change your mind. However, if you know for sure you want to own a particular vehicle, then buying is the right choice for you.
You’re A Gearhead
Buying a car gives you full rein to make any changes you see fit. One of the great joys of car ownership is getting your hands dirty. Working on a vehicle is one of the great zen spaces for the mechanically minded.
When you own, you don’t have to worry about sending the car back to the dealer to explain why the car now has 200 more horsepower than when the lease started. This alone is a good reason to buy. Knowing that you want to work on your own vehicle is a great reason to buy instead of leasing.
You Like To Drive… A Lot
A lease agreement will prevent you from driving racking up too many miles. However, for the average driver, the limits on miles driven per year is acceptable. Most drivers don’t have to worry about exceeding the their limit.
Here’s where the benefit of buying comes in. If you know you’re going take a couple road trips during the year, you may want to consider buying. Accruing mileage penalties at the end of your lease will offset the benefits of leasing in the first place.
You Can Sell
Having the option to sell your vehicle down the road is also an attractive perk to buying. Despite the depreciation of the car’s value over time. A well maintained vehicle, with some upgrades, may still be able to provide a decent return.
You will never regain the complete value of the car. So any gains made from maintaining and improving your vehicle will always be a recoup on losses. For many, keeping a car and selling it can be a cathartic moment. There’s something special about letting go of your car after years of use to it’s next driver.
Think about your long term relationship with your vehicle if you are considering buying. Are you the type of person who would take pride in the process of ownership? For some buyers, this reasoni alone is good enough to buy
The Next Generation
Passing your vehicle off to your children can be a great opportunity for the buyer. Instead of having to buy a new car for a young driver, you can simply let them use a car that is already lost its value. Instead of selling, your child may appreciate getting their own vehicle without you having to break the bank.
A well maintained vehicle can last a long time in your family. A buyer who loves cars will appreciate the tradition built around maintaining and upgrading it. If this sounds great to you, you are probably a better candidate for buying rather than leasing.
Making The Decision
Nobody can make the decision but you. You have to be the one who ultimately weighs all the pros and cons. There is no right answer to leasing or buying, it all comes down to the customer’s needs.
However, the average driver just needs a decent vehicle to get them from point A to point B. To ensure their ability to get the most bang for their buck, especially in terms of safety, a lease is usually the right answer.
Reducing liability to repair the vehicle and getting extra safety features because of money saved are two great reasons to lease. Plus, if you end up not liking the vehicle after a few years you can easily get a new one, without the hassle of selling.
If you are still unsure leasing vs. buying, feel free to reach out to us here.