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Should You Lease or Buy Your Next Car?

 

When you decide that you’re going to get a different car, it’s an exciting time. However, it can also be quite overwhelming. With all of the different options out there, it isn’t always clear what the best route is for you. One choice that you will have to make is whether you want to lease or buy. Here are the differences.

Leasing

When you agree to lease a car, you are essentially agreeing to rent that car for a set period of time. At the end of your contract, you do not own the car. You make a set payment each month, and then at the end some dealers give you the option to buy.

This choice makes sense for people who want to drive a nicer car than they can afford.

Buying

The primary benefit to buying a car is that you own that vehicle. When you decide that you no longer want to drive your car anymore, you can sell it and make some of your money back. Generally, buying is the more financially sound decision.

Whatever way you end up deciding to go, make sure that you do your homework and are well-informed before making your decision.