THE PROS AND CONS OF BUYING AND LEASING A CAR

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Users learn how to think through whether they need a car and the tradeoffs between buying and leasing. 
Some people find leasing more appealing than buying a car because of some advantages they derive from it while some prefer buying to leasing. Alright! let's see the pros and cons of leasing or buying a car so as to ascertain the one that is most preferable.

BUYING A CAR 

it is understandable that when you buy a car, you own it outright and you are responsible for the car and finance it's full value. It also extend the temerity of use management, unlike leasing a car when you have to maintain the car before your terms of use.





Buying a car can be most convenient when you understand your financial circumstances that is at stake compare to leasing the car. It boils down to the maintenance and ability to finance other basic needs after buying the car.

The pros and cons is the ultimate guide to the purchasing initiative to buying a car. Do you wanna know? Now you have it.

The pros of Buying A car

• Once you've finished making the payments you own the car.
Buyers should always understand that after the payments the entirety of the car belongs to them. You may own the vehicle for many years without any fret or bound and if you take care of it, you can drive it for much longer time over and over again than you will have to make payment.
• You can find great deals on used cars.
If buying a brand new car is a problem that would want you think of leasing a car, then you can go for a better used car that has a better feature. Provided that you own the car after buying it.
This is only advantageous to buying a car as a leased car can’t be used car.

The cons




• The monthly cost when you buy it are usually high.
One of the things you need to consider when buying a car is the fact that the monthly cost are usually on the high side when you buy it. These are the features you attach to the car that suits your need as an individual. It makes the monthly fee of the car increase albeit, the cost will soon get to reduce over time when used.
• Maintenance costs can be higher, and when you own, if something goes wrong it's your responsibility.
When you eventually own the car, its your responsibility to bear the consequences if anything goes wrong after getting the car and you have to makeshifts to the situation if needed. This will demand extra cost from you which you have to bear.
These are the pros and cons of buying a car. Now to the LEASING of car

LEASING A CAR 





When you lease a car you finance the difference between the cars value today and the expected the value of the car at the end of the leased months.

It is also the leasing (or the use) of car for a fixed period of time at an agreed amount of money for the lease. It is commonly offered by dealers as an alternative to car purchase but is widely used by businesses as a method of acquiring (or having the use of) cars for personal use without the usually needed cash outlay. The key difference in a lease is that after the primary term (usually 2, or 3 years) the vehicle has to either be returned to the leasing company or purchased for the residual.



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The pros of leasing a car 

• Because you are not financing the full value of the car, the payment are generally lower.
This is caused by the fact that you aren’t the financial owner of the car yet, you have to bear in mind that the payment will be minimal unlike buying the car for the first month. the advantageous part of it is that you pay reduced amount of money.
• leasing Continually mean you always drive a relatively new car.
When you lease a car, you have the advantage and liberty of driving different cars at different occasions. This helps you to get a better deal in the type of car you will eventually get.

The cons




• You never own a vehicle so you always have a monthly obligation.
One of things you need to consider before leasing a car or vehicle is to know that you are not the legal owner of the vehicle or car yet, so it reduces the uses, finances and zeal of owner of the car. You might probably treat the car with carefree attitude because you are not the prime owner yet.

• There is no back at the end of a lease term.
The most important aspect of leasing a car is to know that there is no going back at the end of a lease term and you have to stick to the conditions of the lease agreement.

• You have to be mindful of mileage limits and may have to pay for wear and tear on the car.
Another disadvantage of leasing a car is to know that you have to be mindful of how you use the car as you are susceptible to paying for any wear and tear done on the car. And lastly is that it takes a very long time to finish the payment of the leased term which may affect the unforseen contingencies and other fees of other needs.


NB: From a financial perspective, buying a pre-owned car makes the most of sense.

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