The value of having your own vehicle in the modern day cannot be ignored. The efficiency, the speed, the convenience of motorized transportation, has changed how we operate in our world like no other past invention. You could decide to travel half way through the country, a trip that would have taken months two hundred years ago, and get there in a few days. Whether you’re taking your kids to school, going to work or visiting family living far away from you, driving is a staple in modern life.
Of course, public transport systems are also a highly developed way to get around. Taking the bus or the subway will definitely get you from point A to point B, but think about all of the cons. Having to be there on time, getting packed up in a tight bus or train, having to eighter walk or wait for the next one if you miss the first, so on… Any car owner would tell you; nothing beats the freedom of driving yourself wherever and whenever.
Buying your first car is an important and meaningful milestone in any person’s life. The importance of getting a good deal brings up a lot of questions when looking for what to buy, what works for you. Which mode to get, how expensive is the car to maintain and, above all else, should you buy or lease?
Here are a few points to take into consideration when making that decision.
Read up on the latest auto news
Before making any purchase, it’s important to have a good idea of what exactly you’re getting as well as if there’s a better option out there. With the, honestly, huge variety of vehicles available, you might feel overwhelmed by the sheer amount of choices. Getting a recommendation from a well-versed source can help you narrow down a few choices and then have a much easier time deciding what exactly you want.
The truth is that many companies pray upon people with a limited understanding of their products in order to ty and sell you what they want to sell you instead of what you want to buy. There are many regularly published subscription-based news sources related to the automobile industry, but online there a plethora of free information on the latest developments regarding cars. Auto-blog is one of many such blogs that offer their insights to keep you well informed. There are also many guides online to follow in order to make your choice easier. Make sure you are well informed when looking for a new vehicle.
The pros and cons of buying a car
Buying a car is the right option for you if you intend to get one car to last you a very long time. If you plan on modifying your vehicle in the future. If you intend on driving a lot of miles, buying is definitely the choice for you.
Here are a few pros, as well as a few cons of buying a car
-After buying or paying off your monthly payments, you will have full ownership of your car.
-You won’t be limited to a maximum mileage, like you would be if you leased.
-You can freely modify and upgrade your vehicle if you buy it.
-You can sell an owned car at any time
-Paying large monthly payments can heavily impact your financial situation and the effect will last for a long time
-Once your warranty wears out, any wear or damage to the vehicle will be up to you to repair. Leased cars usually cover wear and tear with warranty.
-The price of your car will go down over time so reselling is a very unpredictable process. Depending on when and at what condition you choose to sell your car, the overall return on investment can wildly differ.
-The initial down payment will be a lot higher if you choose to buy a car.
The pros and cons of leasing a car
If you want to keep up to date with the latest models or if you need a car but aren’t financially ready to purchase one, then leasing is the better choice.
Here are a few pros and cons for leasing a car
-You won’t need to worry about the overall value of your vehicle going down with time. You won’t be selling your car later on, so there’s no worry about your vehicle going out of date. With a lease you can drive the latest models and don’t worry about getting behind on the latest developments
-The relatively low monthly payments won’t affect your overall financial situation heavily. Leasing does not affect your overall financial situation as much as buying would.
-Any unexpected malfunctions to the car will usually be covered by warranty. However, it is important to note that this usually only means damages that were completely out of your control are covered.
-The down payment for leasing a car is much lower than it would be if you choose to buy.
-Leased cars don’t allow for excessive mileage buildup without a penalty. This can make you feel limited, especially if you intend to drive a lot.
-Even though some wear and tear to the car will be covered by warranty, excessive damage is punishable with very expensive fees.
-The assortment of fees you could end up paying are confusing and will cost you dearly. Not only are there acquisition and disposition fees, when you start the lease and at the end of it, but extra fees that seem very unexpected could surprise you with a large penalty price.
-You won’t be able to customize a leased vehicle. If a certain part of the car is bothering you or isn’t to your specific liking, you’ll just have to deal with it.
-Canceling is almost impossible. With a bought car, you can sell whenever you choose you don’t need it anymore, but you can’t walk out of a lease without heavy penalty.