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Leasing vs Financing a Car in 2024 – Briefly
Explained
“Should I lease or purchase a car?” is the question on many first-time car buyers’ minds as
they’re browsing through a dealership’s catalog. Here’s what you need to know:
Leasing a Vehicle vs Financing It: The Pros of Leasing
When it comes to deciding whether to lease or buy a vehicle, the costs associated are the
biggest concern for most buyers. Leasing is the way to go if you have a tighter budget:
1) Down Payment: When you lease a car, you usually pay a much smaller deposit.
2) Monthly Payments: With the best lease rates, you can expect to pay around $100-150
less every month.
3) Miscellaneous Costs: While leasing, you dont have to worry about paying the full value
of taxes – nor should you worry about depreciation.
Leasing also allows you to switch to a new car as soon as the lease period is over. You can just
return it to the lender and sign on another lease term for the latest model. This allows you to
keep up with the times and enjoy the latest technology.
Financing a Car versus Leasing It: The Pros of Financing
1) Ownership: When you finance a vehicle, you build equity over time and the car
becomes yours as soon as you’re done with the payments – it’s cheaper in the long run.
2) Customization: You can make any changes or upgrades, but leasing requires you to
return it in its original OEM condition.
3) Mileage: No mileage limit, unlike in lease contracts, where there’s a per-mile average
fee if you exceed a certain number of miles.
4) Wear: No concerns about wear and tear. Meanwhile, leased cars are expected to be
returned in the best possible condition.
Car Lease on Long Island – New Gen Auto Group
Looking for the best lease deals in Suffolk County and the rest of Long Island? Contact us now
for inexpensive lease cars at 631 321 3800