Buying a Used Car vs. Leasing a New Car

When shopping for some new transportation, there are many decisions that you must make before you even start your search for a new ride. A few of the most important things you must figure out before you start shopping around is how much you can spend and what type of vehicle you want to drive. Once you have decided those, you must then figure out whether or not you want to buy a used car, buy a new car, or lease a new car. While it’s nice to drive a new car, many drivers know the downfall of owning a new car. Below you will find the major advantages of buying a used car vs. leasing a new car.

Advantages of Buying Used vs. Leasing New

  1. Ownership. Buying a used car allows you to own the vehicle outright and keep it as long as you want to. When you lease a car you don’t own the vehicle and you must return it after the lease is over.

  2. Sell or trade anytime. When you buy a used car it allows you to sell it or trade it in whenever you want to. Leasing a new car doesn’t allow you to sell it, and it costs a lot to end a lease before the contract is over.

  3. Unlimited mileage. Owning a used car allows you to put as many miles on it as you would like. Leasing a new car limits you to how many miles you can drive before you start paying extra charges for going over the limit which is usually somewhere between 12,000 and 15,000 miles per year.

  4. No worries. Owning a used car gives you the advantage of not worrying about wear and tear and allows you to customize your car whenever you want to. When you lease a new car you will get charged extra for exceeding what the dealership feels is excessive wear and tear.

  5. Lower insurance premium. A used car is usually less expensive to insure when you compare it to the insurance premium of leasing a new car.