Are you usually confused between these options? You might not have researched this except for asking from your friends and relatives. And that is a limited exposure to the problem. Well, this is the right place to know about leasing vs buying. You can Read more about leasing vs buying a car in Singapore here.
This article will cover a comparative analysis of leasing or buying a car.
Let’s begin with discussing different scenarios, first buying and then leasing a car.
While buying a car, one has to think a lot about gathering finances, loans, and credit scores. One has to pay the total price of the vehicle upfront or through a loan and then own the car.
In leasing, one makes payments to use the car for a certain period of time, typically two to four years. At the end of the lease, that consumer can choose to buy the car at a predetermined price, return the car to the dealership, or start a new lease on a different vehicle.
Leasing a car has many advantages.
One of which is convenience.
When you lease a car, you don’t have to worry about the high initial cost of buying a new vehicle. Instead, you make monthly payments lower than you would pay when buying the car. This is an excellent option for those who want to drive a new car but don’t want to break the bank.
You have a wide range of models to choose from.
Many car manufacturers offer leasing options, so you can find a car that fits your budget and needs. Also, leasing gives you access to luxury vehicles that may be out of reach if you were buying.
It also offers flexibility.
You can choose to lease for a shorter term (2-3 years) compared to buying, where you have to commit to the vehicle for a longer term. This allows you to change a car more frequently and always have the latest model.
On the other hand, buying a car also has its own advantages.
Remember that you own the car & after paying off the loan, you can do whatever you want with the car. This means customization or sale.
You can drive as much as you want and don’t have to worry about excess mileage charges. Additionally, you can make modifications to the car without worrying about violating the lease terms.
