Buying a car is a huge purchase, usually second only to buying a house. With most new cars and trucks costing $20,000 to $30,000, before you shop, you should definitely do a little homework. One of the most frequently asked questions by those interested in buying a new car is whether to buy or lease, here are some tips.
What is Leasing?
Before you decide whether or not to lease a new car, it is important to understand what the term lease means. Leasing is when one rents a new car (or sometimes a used car) for a long period of time. Most leases are offered for periods of 2 to 4 years. It should also be noted that in some cases (e.g. luxury vehicles) a six month lease can be available. Instead of buying a car, you in effect rent the vehicle, which at the end of the lease must be returned or in many instances you can purchase the vehicle at a special price from the dealer.
The Advantages of Leasing a Car
The biggest advantage of leasing a car is that in most cases your monthly payment for the vehicle will be less than buying it. When you buy a vehicle, your bank loan reflects the entire purchase price, plus tax. When you lease a vehicle, your...
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