Cars are among the most expensive purchases we’ll make. It’s therefore understandable that consumers want to make the right choice in deciding how to pay for a new car, whether to buy or lease.
When deciding on the best option for your unique circumstances, it really depends on your lifestyle and priorities. Car buying is just one consideration that needs to fit in a much larger picture. In reality, the perfect option for one person can be totally wrong for another.
First off, let’s consider how a lease differs from financing. When you lease a vehicle, in effect you are paying for your “use” of the car. You don’t own it. Rather, you get exclusive rights to use the car, for a predetermined period of time. Basically, you are paying for the equivalent amount of the car that you “use up”. Leasing has a number of cumbersome restrictions, not the least of which is that it is very difficult to get out of or transfer a lease. Generally, once you’re in a lease, you’re in it for the entire term.
