A majority of people pay a part of their income for some kind of loans. It can be a home loan, student loan, personal loan, or auto loan. Some of the loans are unavoidable, but an auto loan can still be considered an option. Choosing a new car comes with brainstorming and many difficult decisions. Financing the car is the biggest problem when you already have another loan or financial burden.
Money isn’t the only concern while buying or leasing a car. Your personal choice, requirement, and lifestyle also play a major role in choosing between buying and leasing. Both options have their benefits, but it depends on which benefit is important for you. Before you start searching for a car, decide what is important for you.
Lease a Car Direct provides the best deal for buying or leasing a car. Their broker is knowledgeable and knows the market well which helps in coming down to a fair price. You can shop by brands as they deal in cars like Mercedes-Benz, BMW, BUICK, Cadillac, Chevrolet, Audi, Acura, etc. You can get the best Mercedes lease deals in the latest and upgraded models.
Benefits of Buying a Car
- With each installment that you pay, you’re building up equity for future. When you buy a vehicle, you can use it for several years and you own it, therefore selling or trading will be your decision.
- You’re the owner of the vehicle and not any dealer. This gives you the liberty to keep it or sell it.
- Leases put a cap on mileage, which is not the case when you buy a car. You can drive as many miles as you want and there is no penalty for overcrossing the miles limit.
- You don’t have to worry about keeping the vehicle in appropriate condition. Even if there is a scratch or a dent, it can wait till your next pay to get fixed, or perhaps you can ignore it forever.
- When a brand new car leaves the showroom its price depreciates instantly. So, if you buy a second-hand car you’re at the advantage of paying a depreciation discount.
Benefits of Leasing a Car
- There are various payment plans for leasing a car and it is less expensive compared to buying a car. You may or may not pay the down payment, sales tax, but you may have to pay extra charges for damages or extra miles and a terminating fee if you try to close the agreement early.
- During the lease period, you only pay the amount of depreciation that is expected to happen during the lease term. You only pay for the depreciation amount that happens while you keep the car and it remains constant unlike the situation where the vehicle owner pays a high amount as installment, but the car value has already depreciated.
- If you get a manufacturer warranty, then you don’t have to pay large repair bills. Still, you may be responsible for maintenance, and regular upkeep.
- Every few years, you will get the benefit of driving a new upgraded car or model.
- After the lease term expires you can simply hand over the car to the dealer and search for another model. Unlike those vehicle owners who have to look for a buyer after few years who can provide the best price for their car.
- Buying a car requires a good credit score and loan approval if needed. However, leasing a car doesn’t need loan approval or a good credit score, they will simply take the car back if you’re unable to make monthly payments.
If you’re comfortable with mileage restrictions and maintenance requirements then lease a car and drive a new car every four years. However, if you love sticking to one vehicle and want a cash value in return to the vehicle, then arrange a down payment and buy a vehicle.