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Buying vs Leasing | Fort Worth, TX

When looking around at cars, drivers tend to wonder about whether or not they should buy or lease a car. There are reasons for each, but it comes down to the needs of each driver. Here are some pros and cons of each option to help you make the best decision.
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Buying

Pros
The main benefit of buying a car is that you own the car once you pay it off, and you no longer will have car payments. You also won’t have a mileage restriction, which makes a huge difference if you plan on spending a lot of time on the road.

Cons
With a new car, there is a very real possibility that you will end up paying more than what the future value of your car will be, since new cars lose a significant percentage of their value within the first two years. You’ll likely have to pay a sizeable sum for a down payment, to avoid a longer loan payment plan and paying an excessive amount on interest.

    Leasing

    Pros
    We all know that a car depreciates in value after only a couple of years. If you lease a vehicle, you can simply return the vehicle at the end of the lease term and shop around for a higher-valued car rather than being stuck with a new car that you bought with a price tag that has dropped dramatically since you bought it. In addition, lease payments are almost always lower than a monthly loan payment, giving you a more affordable short-term option.

    Cons
    One of the biggest drawbacks of leasing a car is that you will have a strict limit of miles you can drive. 12,000 is, on average, the maximum number of miles you can drive per year, but this varies. If you exceed this, you’ll have to pay an additional amount on fines (and these fines can add up very quickly). You also have to keep the car in pristine shape, since dealers usually require you to keep the vehicle in peak condition. 
      All in all, it really depends on what your needs are and what you want out of your car. If you want a smaller monthly payment and want to be able to get a higher-valued car in a few years, you should consider leasing. If you’d rather pay less money in the long-run, then opt for a new car.

      If you have additional questions about leasing versus buying, visit or call us at Bruce Lowrie Chevrolet.

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