Thousand Oaks California offers an exceptional range of car dealers, but best among them is INFINITY Oxnard. Often at times, it is difficult to settle on either the option of buying or leasing a car. At INFINITI Oxnard, we will offer the best advice in regards to the above since both leasing and buying have their own pros and cons.
So, is it better to buy or lease a new car? Here are some of the advantages and disadvantages of buying and leasing a car:
Benefits of buying a car:
- In the long run, you’ll save money when you buy a car since the ownership and title will be transferred to you and you won’t have to incur any extra costs.
- There is no mileage restriction when you own a car. You can drive a considerable distance without worrying about mileage fines.
- Buying is much more flexible since you can sell the car at your convenience or exchange it on the next car you buy.
Drawbacks of buying a car.
- Depreciation and changing market conditions often lead to fluctuations in prices usually the value of the car in case you want to sell the car or trade it in in exchange for another car.
- Buying involves paying a considerable down payment which is not easy for some individuals to raise and in the long run, one ends up paying much more than the value of the car.
Benefits of leasing
- Monthly lease payments are usually lower than loan payments since you only pay for the depreciation which, in the course, of the lease term.
- With leasing, you can easily trade in to a new car every two to three years which offers a conventional amount of costs of ownership like repair and maintenance costs which are incorporated in the warranty.
Drawbacks of leasing
- Restrictions on mileage which often lead to penalties in case one exceeds the limit of the estimated miles per year utilizable on the lease agreement.
- In the long run, one ends up paying more since the car should be brought back to its original state. In most cases, one incurs exorbitant charges, as a result, of wear and tear.
- Most lease agreements usually have unfamiliar content and often a time it’s expensive to terminate or change the lease terms.
Buying a car is considered one of the most lucrative purchases one can make since in the long run, you own the car. On the other hand, leasing has also become more popular as compared to the historical practice where it was only preserved for corporate clients and luxury car users. This gives you an opportunity to get a more luxurious car contrary to your ability.
From the above benefits and drawbacks of both leasing and buying, INFINITI Oxnard will enable you to make an excellent choice that best suits your way of life.