Your Next Car: Buy or Lease?

Your Next Car: Buy or Lease?

  • Paulette Edwards
  • 04/19/22

Pros and Cons of Leasing

  • Small or no down payment.
  • Lower monthly payments (even compared to 0 percent loan).
  • A warranty for the life of the lease.
  • Driving more cars than you could afford to buy.
  • Brand-new car every 2-5 years.
  • You pay for only a portion of the vehicle's cost.

Cons of Leasing

  • Limited mileage.
  • You’ll never actually own the car.
  • Permanent monthly payment.
  • Penalties for turning the car in early, undue wear and tear, going over the pre-specified mileage limit.

Pros of Buying

  • One day, it’ll be yours, all yours.
  • No limit to the mileage.
  • End to payments.
  • Lower auto insurance cost.

Cons of Buying

  • Long-term cost of buying a car is less than leasing.
  • Less complicated than leasing.
  • A portion of every payment you make is lost to depreciation.
  • Good-sized down payment.
  • You pay for the entire cost of a vehicle, regardless of how many miles you drive.

Work With Us

At Coldwell Banker Residential Brokerage, we will take care of all your home buying needs. From researching communities to showing available properties to negotiate on your behalf, we will be with you every step of the way.