There are a number of benefits to purchasing a vehicle rather than leasing. Buying a vehicle gives you full control over the vehicle and avoids mileage and wear and tear restrictions. While purchasing a car is more expensive, it is much more flexible and allows you to make your own decisions. Choosing to lease a car may be a great option for you, especially if you’re working with a tight budget.
However, leasing a car has many drawbacks. The main disadvantage is that you never get any equity in the vehicle. You can’t trade it in for a better one and you will not have the ability to trade it in for a new model. In addition, you’ll have to pay monthly fees and may have to pay excess wear and tear. If you plan to take long road trips, leasing may be a better option.
Another downside of leasing is that you don’t get any equity in the car. Like an apartment, a lease does not give you any property rights, but you’ll have to pay a monthly fee. The monthly payments are cheaper than a car loan, so you can drive a more expensive vehicle. The disadvantages of leasing are that you don’t have the option to trade the car in at a later date.