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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
  • 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
  • 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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