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Leasing vs. Buying: Pros and Cons

Posted at Tue, Aug 15, 2023 10:00 AM

Leasing vs Buying

PROS:

1. Lower Upfront Costs: Leasing a vehicle typically requires a smaller down payment and lower monthly payments.

2. Lower Maintenance Costs: Many vehicle leases have a clause that requires the lessee to return the vehicle in good condition. This means that if the vehicle requires any major repairs, it may be covered by the leasing company.

3. Lower Insurance Costs: Because the vehicle is leased, the insurance costs are often lower than if you were to purchase a vehicle outright.

4. Variety: A lease allows you to switch vehicles more frequently, so you can always be driving the latest model. Vehicle Leasing

CONS:

1. Mileage Restrictions: Most leases come with a set number of miles that you can drive before incurring an extra fee.

2. Early Termination Fees: If you decide to end the lease early, you may be subject to hefty termination fees.

3. Limited Customization: You may not be able to customize the vehicle as much as you would if you owned it.

4. You Don’t Own the Vehicle: Once the lease is up, you don’t get to keep the vehicle. Buying

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