Car shoppers tend to face the ultimate question of Buying ‘vs’ Leasing. Throughout the years, leasing a vehicle has become very popular. Leasing is a popular option because of the promise of lower monthly payments rather than on a car loan but there are some disadvantages.
Ask yourself these questions to help make the right decision:
How many miles per year do I drive on an average?
When you lease, you are allotted a maximum number of miles per year and if you drive farther than the miles agreed upon, you will be subjected to pay a per mile fee, (example 20 cents per mile) for each mile you have exceeded. If you will be using your new car to drive often or far distances, leasing probably is not your best bet.
Do you have money to put down?
Depending upon your credit, you may qualify for a zero-down option with a lease. This is an attractive bonus to drive off with a new car without putting a penny down. After your term is up (example 3 years) you will have an option to either return the vehicle or purchase it based on the buyout amount.
How long do I plan on keeping this vehicle?
If you prefer having a new car every few years or so, leasing is a good option. If, on the other hand, you like to keep your vehicle until they qualify for a vintage plate, then this is not the best option. At the end of the lease, you will not have a vehicle to call yours, compared to buying, after 3-5 years of making slightly higher payments, you can continue to drive with no monthly payments at the end of the loan.
Will I be able to pay out for repairs at the end of the lease?
So, it was nice not having to put money down in the beginning of the lease, but later at the end of the lease, you will be responsible for repairs to the vehicle, including wear-and-tear costs such as repairs to scratches and dents, replacement of tires, brakes, struts, as well as fees for overage of miles, as we already pointed out. These are just some of the items that you will be financially responsible for.
There is no one-size-fits-all answer. Take the time to explore what is available, consider your budget, lifestyle, and driving needs.
If you need repairs to your existing lease; scratches, dents, dings, etc. we can help you save money by getting the repairs done before turning it in. Our rates are much lower than dealership rates and it will not look repaired, it will be perfect, guaranteed. Contact Andy’s Auto Service for more information at (412) 478-9304 or visit us online at www.andysautobridgeville.com