You have more flexibility since you can sell the car whenever you want.You'll save money over the long term if you buy a car.You will find it costly to terminate a lease early if your driving needs change.These can be a nasty surprise at the end of the lease. You could face excessive wear-and-tear charges.You'll pay more in the long run for a leased car than you will if you buy a car and keep it for years.You may find lease contracts confusing and filled with unfamiliar terminology.Your mileage is typically limited to 12,000 miles a year (you can purchase extra).You don't own the car at the end of the lease (although there is always the option to buy).You don't have trade-in hassles at the end of the lease.You can more easily transition to a new car every two or three years.You have lower repair costs because you are under the vehicle's included factory warranty.You can drive a better car for less money.You have lower monthly payments with a low - or no - down payment.Keep in mind that there isn't always a perfect answer to the question of whether to lease or buy. Some of these points are financial factors and others relate to your needs and lifestyle. Since everyone's situation is different, here are the pros and cons of leasing and the pros and cons of buying. It's also good if you're someone who likes to drive a new car every three years or so. Leasing, on the other hand, can be a less expensive option on a month-to-month basis. And from a financial perspective, it's true, provided you're willing to make higher monthly payments, pay off the loan in full and keep the car for a few years. Is it better to lease or buy a new car? Ask most people and they'll probably tell you that car buying is the way to go.
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