Pros and Cons of Leasing or Buying a New Car

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You may be tempted to try a Rolls Royce lease. Would you be better off buying it? There are things to consider on both sides of the equation. 

The Pros Of Leasing

There are quite a few things that you can put on the plus side of the ledger for leasing a car:

  • You usually lease it for three years. That is when cars tend to have the least amount of trouble or require any heavy repairs.
  • You typically have a recent model, which in turn is covered under the new car warranty.
  • You may get free oil changes and maintenance from the dealership
  • You can drive a nicer car than if you bought one.
  • At the end of the lease, you just give it back to the dealer

The Cons of Leasing

Like everything else in life, there are things about leasing that could wind up giving you pause before leasing:

  • You may wind up paying more over the course of time than if you just took out a car loan and bought it.
  • Should you have a habit of leasing car after car, you will see monthly payments go up. You don’t have to worry about that when you pay off a car loan … plus you still have the car.
  • You will be limited in the number of miles you can drive. If you pick a plan with a higher amount, the payment goes up.
  • You can get charged if there is more than normal wear and tear.
  • Should you try to terminate the lease early, you would pay penalties … and they will want a full payment then. It could be quite costly.

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The Pros of Buying

Here are some things that might make you lean toward buying your car:

  • You won’t have to worry about any fees for the number of miles that you drive.
  • You can modify the car to your heart’s desire. That can’t happen if you lease.
  • You don’t have to have as high a credit score if you are buying as opposed to leasing.
  • You can get a lot out of your car if you hold it for more than three years.

The Cons of Buying

Then again, these things might make you think twice:

  • The car starts depreciating the second that you drive out of the lot. They lose a good percentage of their value over five years, so think twice if this is an investment.
  • You can expect to pay around $10K in costs like maintenance and insurance over the span of driving the car 15k miles.

It all depends on what your personal preference is. Whatever choice you make, you can enjoy driving your Rolls Royce.

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