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Tips on Buying Versus Leasing

Know the advantages and disadvantages of each

Leases offer lower monthly payments, but that doesn't mean you'll pay less over the long run.
 Advantages Disadvantages
Leasing
  • More car per dollar in monthly payment
  • May be better if you enjoy having a new car every few years, don't want to deal with trade-ins, and can predict how many miles you'll drive
  • You might not have an asset at the end of the lease
  • Less flexibility
  • Possibly higher insurance and maintenance costs
  • May be charged for excess mileage or ending the lease early
Buying
  • You have an asset when the loan is paid off
  • Greater flexibility
  • Greater negotiating leverage when you purchase versus lease
  • Less car per dollar of monthly payment
More Auto Tips from Wells Fargo
Car-Buying Tips
Auto-Financing Tips
 
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