Whether you’re looking for a hot new sports car, a fun convertible, or an SUV with updated safety features, you’ll need to make one critical choice: to buy or to lease. If you need to get rid of your old car, you may want first to understand your car’s value. You can always resell your old car to people who have no money to buy a new one.
The difference between leasing and buying a car is ownership. When you buy a car, you own the vehicle and can keep it for as long as you choose. When leasing a car, you’re essentially renting it on a long-term basis from the dealership for a specific period. And, of course, they have a significant difference in monthly payments.
You can save as much as 30% when leasing than buying a car. Buy new car also requires more upfront payments than leasing it, so when deciding on what you are going to do, you should consult your financial adviser and check if you can afford to pay for a car in your monthly budget.