Looking into getting a new car, but not sure if you want to buy or lease? It can be a difficult decision, especially if it's your first major decision as an adult. Thankfully, we've got the inside scoop on both options. Here are some basic pros and cons of buying vs. leasing, to help you with your decision:

Buying a car:

  • Over the long-term, you will save more money. It's like living in an apartment- you're paying money for something you never get to keep whereas house          payments go towards the final price of the house. Who likes to spend money of stuff they can't keep?
  • You can customize your car however you would like. It's your car! You can do whatever you want to it, and no one can say otherwise. Plus, you can keep it as long or as little time as you like. You can sell or trade at any time if you feel the need for a change. Money from the sale can be added towards a new purchase.
  • There's no hassle every few years when your lease runs out. Loan terms are usually about 4-5 years, and after that, you don't have to worry about a car payment! Plus, paying back the loan helped you build equity for a future vehicle.
  • It's less stress, knowing you will always have a car available to you. Having a reliable car is almost a necessity in today's busy world- some jobs even mention it in the application process! And what about fun times? Jump in, take a road trip, and don't worry about the mileage! It's your to take wherever you want to go.

Leasing a car:

  • Leasing offers cheaper payments every month. Lease payments are almost always lowers than loan payments, because you aren't paying for the full cost of the vehicle. Usually, you're only paying for the depreciation of the vehicle during the lease term.
  • You get to choose a new car every few years, always sporting the latest technology. The world we live in is fast-moving, and constantly changing. Don't get left behind with an outdated vehicle when all of your friends are driving a new model!
  • There is more flexibility, as you won't be committed to one car style - such as a small car for city driving or an SUV for family driving - for long periods of time. Tastes change- and you're probably will, too!
  • It's only necessary to pay for routine maintenance and driver-caused problems, not defects or hardware issues. This is a big advantage to not fully owning a vehicle, you aren't always responsible when something goes wrong (and something always goes wrong, doesn't it?).

So which one sounds like a better fit for you? Are you ready to be the proud owner of a new Subaru, or do you want to live a no-strings-attached lifestyle? We'd be happy to help you calculate payments and see which options makes the most sense for you personally. And of course, if you have any questions or would like more help, visit us anytime at Ed Shults Subaru of Warren.

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