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With so many special promotions advertised for car leases, you might wonder whether it’s better to lease or buy a car. If you’re in the market for a new car, you may want to weigh these pros and cons of leasing versus buying to help you choose.
Benefits to leasing a car include:
Other potential cons:
Perhaps the biggest advantage to buying a car is that you’ll have an asset. Once you pay the loan in full, you’ll own the car and that car can be used as a trade-in when you're ready to buy a new car.
There are other pros to buying a car:
On the con side, you’ll often need to make a down payment when buying a car, either with cash or a vehicle trade-in. Also, buying a car requires ongoing maintenance, and the longer you own a car, the more you’ll spend on parts, repairs, and upkeep.
When deciding whether to buy or lease a car, consider which factors are most important to you: Do you want a lower monthly payment or no down payment? Do you drive lots of miles? Do you want an asset? Prioritizing what’s important can help you make the right decision.
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