Which is better, to lease or buy a new car? The majority will most likely tell you that buying is the better option. In many cases, that proves to be true, if you are ok with a higher monthly payment, paying of the loan in full and keeping the car for a few years. On the other hand, leasing a car is the cheaper option on a month-to-month basis. It is also the way to go if you are someone who wants to have the latest car model with the ability to switch every three years or so.
Pros
For instance, if you need an upscale car for business purposes, leasing gives you the ability to have a nice car for less money. You will save money on the down payment and sales tax. Which means less initial costs to acquire a vehicle. The added bonus with a car lease is a tax write off for business owners.
Cons
If you are not a business owner, or if you simply tend to stick with the same car for years, buying a car would be the better choice for you. Another reason to buy is if you drive your car more than 12,000 miles a year. In a lease, you would be required to pay for any additional mileage above that sum. Unlike when you own your car, you are free to drive as much as you like. There are higher up-front costs when purchasing a vehicle. However, in the long term, buying a car is usually cheaper.
In the end, there are many pros and cons to both buying and leasing. First, determine your needs, and then decide which choice will best suit your lifestyle. If you are however trying to lease a car in NYC, check out eAutoLease.com
