If you’re torn between buying and leasing a car, there are many personal and financial factors to consider. Many people will tell you that buying a car is always the best option, as you will own the car outright by the time your car payments have stopped. In addition, you’ll have something to trade in when the time comes for a new vehicle. If you drive a lot or have a family to take care of, financially speaking, buying might make the most sense.
However, it is not so cut-and-dry; leasing a used car can be a very affordable option and it often comes down to personal preference. Here are some things to consider when you are thinking to lease a used car.
Leasing a Used Car
There are several aspects of leasing both new “certified” used cars that people prefer—namely that there are low monthly payments, comparatively speaking, and you don’t have to deal with the hassle of selling your car by the time your lease is up.
For used cars, the monthly payments can be even lower since the payments are mostly going to the anticipated depreciation, which is less severe with each passing month of the car’s age. However, there are still risks associated with leasing a used car.
Risks of Used Car Leasing
Older cars are much more likely to have service problems than newer ones, which is a risk accompanying used cars frequently. Any repairs on a leased new car will come out of your own pocket, too, since it won’t be backed by a warranty. However, you can purchase a comprehensive, bumper-to-bumper warranty that covers your full lease term.
It is also difficult to predict the used car’s worth down the line, such as when it’s five years old—there is a lot of variation in the market among cars that age. However, it’s sort of a catch 22, as you need that information to determine your monthly payments. If the dealer sets its projected worth too low, you’ll be paying more than you should.
When deciding on a used car to lease, it’s best to go with one that holds its value well. This would most likely be a luxury car, sports car, or SUV. Due to this, most of the market for leasing used cars has been cornered by cars that are more expensive to begin with—which could be a benefit in your eyes!
Lease a Used Car in Doylestown
Deciding whether to buy or lease a used car is a big decision, and it’s one you don’t want to take lightly. You have to consider what makes sense for you in your life now and what will make sense down the road. It’s important to take all of your finances into consideration!
If you’re thinking of leasing a used car near Doylestown, we at Fred Beans Used can help. We have a wide inventory of new and used cars to choose from, with over 5,000 vehicles—give us a call today!