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Leasing VS. Buying: Tips For The Consumer Posted by carsandtrucks on Monday, October 29 @ 11:24:19 EDT It is time to replace your current vehicle and you have just been quoted a monthly payment by the salesperson. You are feeling nausea overcome you as you consider signing the purchase agreement. You have to have transportation, what choice do you have. Well, there is leasing the vehicle. Leasing is another way to finance a vehicle but at a lower monthly payment. That is because at the end of the lease term you don't own the vehicle the leasing company does. Simply put leasing is paying for the portion of the vehicle you are going to use. At the end of the lease term (generally 36 months) you can either purchase the vehicle at a predetermined price, lease another vehicle or just walk away. When leasing rather then buying you are driving a vehicle that is in warranty throughout the term of the lease. Your vehicle expense is limited to maintenace only. If you are a person that desires a new vehicle every 2-3 years leasing is a great alternative. So why doesn't everyone lease? Well, because there are some negatives. You are limited to the amount of miles you can drive during the lease term. The mileage is usually 12000 miles per year. There is a penalty of about .15 per mile for every mile driven beyond the alloted mileage. If you drive 15000 miles or more per year this can get expensive fast. Also at the end of the lease you own nothing. Even though a vehicle is a depreciating assett there is still a value to the vehicle when it is paid off. This value can be used as trade in for your next vehicle or you can continue to drive it payment free. Buying vs Leasing is often about lifestyle. If you prefer a new vehicle every 2-3 years, expect to always make car payments, like the peace of mind of repairs being covered by warranty leasing may be for you. If you want to drive a vehicle you owe nothing on, have some trade equity then buying is the way to go. Either way take time to educate yourself on the pros and cons of each option.   Sales & Service Tips Random Photo

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