Leasing vs. Buying a Car
If you are in the market for a new car, you may be wondering if leasing or buying a car is a better option. When you lease a car you make monthly payments on it, and at the end of a predetermined length of time (typically three years) the car is returned. When you buy a car, after you have finished paying off the entire value of the car in monthly payments, you get to keep it.
One reason that people opt to lease a car instead of buying it is that the monthly payments tend to be lower. That’s because you are not paying for the entire value of the car. Instead, you are paying for the depreciation of the value of the car from the time it is new until the time you return it. Another benefit to leasing a car is that regular maintenance is typically included. So, you can simply return to the dealership for tune ups such as oil changes and tire balancing, and not pay any additional cost.
While buying a car typically means a higher monthly payment over a longer period of time (typically five to seven years), many people choose to do this because they will end up owning the car in the end. If your car is still in good shape by the time you pay it off, you could enjoy years of not having a monthly car payment. However, you will be responsible for maintenance costs, which can continue to rise as the car gets older.
The decision to lease versus buy really depends on each person, as each has its pros and cons. If you do not want to worry about maintenance and prefer to keep your monthly payment low for now, then a lease is a good option for you. If you would rather put your money into something that you can own and plan on keeping the car for a long time, then buying a car may be the way to go.
Whether you lease or buy, you can park your car near your apartment in Mount Dora, FL, when you live at the Veranda Apartment Homes. To learn more about our community, contact the leasing office today.