Published on April 23, 2014
swapalease.com Leasing vs. Buying
Is it Better to Lease, or Buy a Car? • A common question car shoppers have is whether they should lease or buy their next car. • In this presentation, we’ll walk you through the major differences and pros and cons of leases and purchases – then you can decide on the path that works best for you.
How Auto Leasing Works • Leasing is a way of financing the use of a vehicle. – Auto leasing is commonly misunderstood to be the same as renting. • While under a lease agreement, you pay for a portion of the vehicle’s value through monthly payments. – Think of this “portion” as the part of the vehicle you use up – keeping in mind how the value of a vehicle continuously depreciates while it’s on the road.
How Auto Leasing Works • Let’s say you lease a car that costs $25,000. • At lease end, the residual value of the vehicle is $18,000. • During your lease term, your total payments are equal to the $7,000 depreciation. – If you wish to buy the vehicle at lease-end, you will pay the remaining $18,000 dollars.
How Auto Buying Works • When you buy a vehicle, you pay for its entire cost. • Unlike a lease, buying a vehicle typically includes a down payment, high monthly payments, and full sales tax. • Once it’s paid off, you own the vehicle. But, it’s worth less that what you’ve paid. – However, you are free to sell, trade, or drive the vehicle as you please.
The Pros and Cons of Auto Buying Pros • No restrictions on mileage or modification • Builds personal equity • More flexibility in the event of a lifestyle change • The end-result is owning a car without any restrictions or monthly payments Cons • Higher monthly payments • You become responsible for repair costs once the warranty expires • In order to recoup some of the costs of ownership, you will face the challenges of either selling or trading the vehicle
The Pros and Cons of Auto Leasing Pros • Lower monthly payments • Typically the vehicle is under warranty • Get the latest in auto technology and safety every few years • No hassle of selling or trading. Cons • Excess wear and tear concerns • Limited mileage • Sometimes higher insurance premiums
Which is Best? • Whether you choose to lease or buy will largely depend on your personal preferences toward ownership and convenience. • If you have never leased a car before, a short term lease may be the best way to test drive the process.
About Swapalease.com • Swapalease.com is the world’s largest vehicle lease marketplace. • Our goal is to match individuals who want to get out of their lease, with individuals who are looking for short-term leases with attractive payments and no money down.
Follow Us & Learn More • Join the conversation on car news and leasing on the Swapalease.com Facebook page. • Follow auto and leasing trends at the Swapalease.com Twitter account. • Circle Swapalease.com on Google+ for the latest updates. • For tips and tutorials on transferring your lease, check out the Swapalease.com blog.
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