15 Reasons Why You Should Buy a Car
The question of whether it is better to lease a car or to buy it is currently faced by all future car owners. In fact, the sales people will always find a way to persuade their customers to accept a deal, but studies show that it is much better to buy your own car than to lease it. Nowadays, people have free access to various new models of vehicles that can be leased, but at the same time the conditions of a lease are often too limited and extremely expensive. Basically, buying a car or any other vehicle and paying for it without leasing makes certain sense from the financial perspective. Here are several important reasons why you should buy a car:
- The first reason lies in the fact that after some time the monthly payments for the car will stop. Car dealers enjoy leasing due to the fact that it ensures never ending payments from the customers, and this eventually increases the price for the vehicle. When one of the leases ends, the car dealer would attempt to seduce you with another lease, and this will consequently ensure that the payments never end. The most evident advantage of buying a car is that you will pay it off completely and enjoy driving your vehicle without the necessity to make monthly payments. It is suggested that people should purchase a vehicle if they will be able to pay for it in three years. This will guarantee that you will drive your car for at least five years without any payment. As a rule, leasing presents a reverse situation because the payments in this case will never end.
- Besides, if you buy a car, you will then be able to sell it and get money. Car owners have a chance to sell their cars unlike those who have been put on a lease. It is obvious that the car is never worth the money you have paid for it, but still it is worth something. Therefore, after you have driven your vehicle for around eight years, you can still sell it for several thousands of dollars. Everything depends on its current condition and the need to repair it.
- One more reason to buy your own vehicle is the fact that you can drive it as much as you wish. When people purchase a car, they are absolutely free to use it as much as they wish. It does not matter how often you use your car. In case of leasing, however, the number of miles that a person is able to drive every year is limited. This limit varies depending on the situation. But still it makes you worried as for how much you are driving your vehicle.
- Besides, there would be no early termination charges in case you have your own car. This means that you will not have to make any payments like in the case when you terminate the lease earlier than necessary. And these early termination payments can be rather high, so a person who owns a car gets greater benefits.
- Furthermore, if you choose not to buy a car but to lease it, you will be fully responsible for the condition of the vehicle, including the possibility of wear and tear. Instead, if you are a car owner, you don’t have to worry about such things and you will not have to pay extra fees in case the condition of your car has worsened.
- You will also not be able to modify anything in your car, unless you choose to buy it. You might be thinking of updating your stereo system or making some other improvements, but this would not be possible if you lease a vehicle. In case you buy your own car, you will be able to do whatever you like with it.
- Keep in mind that the upfront costs would not be so high in case you buy a car. It is a fact that when purchasing a car, one needs to make several payments like taxes and registration charges. If you lease a car, you will also have to pay the so-called “lease initiation” charge. So it is better not to trust car dealers who might be telling their clients that it is much cheaper to lease a car than to buy it. In most cases, it is the other way round.
- It is also obvious that people who choose to buy a vehicle can also choose between the options of financing their purchase. This might be carried out by means of a banking system, individual loan, paying in cash or using dealership. By contrast, if you choose to lease a car, you will have to pay for it by means of dealership for the period of no less than two years. And there can be no other options to finance the vehicle, so this is not as convenient as purchasing your own car.
- Moreover, the interest rates in case of leasing are much higher than when you buy a car, so it is always better to purchase your own vehicle. This is because people who choose to lease car will have to pay back the cost of the vehicle much slower, so the interest rates will be higher.
- If you buy a car, the warranties on a new vehicle that you purchase will be better than if you lease a vehicle. Most dealers are not trying to maintain cars in good condition, because they make money on having them fixed. This is one of the reasons why buying a car is better.
- Furthermore, the terms of a lease are quite confusing. Most people are attracted to leasing by lower monthly payments, but in reality the terms and conditions are much stricter and less favorable than in case of purchasing a vehicle.
- It is also evident that the costs associated with leasing a vehicle are not the same as when you buy it. Leasing is associated with a number of fees, charges and costs, so it is always better to think twice before you choose to lease a car. In most cases, buying your own vehicle will ensure that you don’t empty your wallet completely.
- One more advantage of buying a car is that other options are less favorable. In case of leasing, you should be prepared that one lease will result in another one, because most people are forced to make another deal with the car dealers, and this cycle seems to never end.
- Moreover, leases cannot be negotiated. The car dealers have their own terms and conditions that cannot be violated, so again it is better to think over all the available options before you choose to lease a car. In most cases, it is much better to buy one.
- The last but not the least, most leases lead to a situation when you have to buy a car anyway. This is because if you don’t do so, you will have to take another lease, and this might be very expensive. So all you need to do is to calculate the options to arrive at a right decision.
To conclude, the above reasons prove that in most cases it is less expensive and much better to buy your own car. We recommend you to thoroughly think over all the possibilities and calculate how much you will have to pay in case you lease or buy a car. This will help you to make a good decision.
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