If you are in the market for a new ride, you may want to consider whether you should purchase or lease it. There are benefits and disadvantages for both options, but because obtaining a vehicle is such a big commitment, purchasing a car is a better investment in the long run. Here are five benefits of buying a new car instead of leasing one.
It Helps Improve Your Credit Score
To purchase a new vehicle, you will probably need to obtain a car loan, which means you need to have a decent credit score. You may not qualify for the best interest rates if your credit score is on the low end, and you want to raise so you have access to excellent that can help you with any type of large purchase. A car loan is a great way to improve your credit score.
When you prequalify for a car loan, you know what your monthly payments will be if you stick to your budget. Making each payment on time and paying the loan off as quickly as possible has a direct impact on your credit score while leasing a vehicle has no effect on your credit history. If you want to improve credit with a car loan, purchasing a vehicle is a great investment.
It Allows You To Customize Your New Ride
When you lease a vehicle, you can choose the style and package you want, but that’s where the customization options end. If you opt to purchase a car, you have many more options available to truly make the vehicle your own. Not only can you select the model with the features you want, but you can also choose a custom paint job and add decals or aftermarket accessories so your new ride reflects your unique personality.
While you are welcome to install temporary accessories in the interior of a leased car, you are limited as to how you can customize the exterior because someone else owns the vehicle instead of you. Purchasing a vehicle instead allows you to tailor every aspect to fit your personal preferences.
It Comes With a Warranty
One of the largest appeals for leasing a vehicle is that you are not liable for most maintenance services or repairs. When you own a vehicle and it needs repairs, you are responsible for paying for it. However, most new vehicles come with an extended warrantythat covers most expensive repairs so you don’t have to worry about going broke trying to fix your vehicle.
Most warranties are valid until you have exceeded a certain number of miles on your vehicle. Some car manufacturers even offer full warranties up to 100,000 miles. If you purchase a car that comes with an extended warranty, you can rest assured that most major repairs are covered for several years. Once the warranty expires, you can upgrade to another vehicle with a new warranty.
It Provides You With the Latest Technology
Newer vehicles come equipped with the latest technology and safety features. If you lease a vehicle, you may be locked into a contract that prevents you from upgrading to the most recent model of your car. When you buy a vehicle, there is no contract that keeps you from upgrading to the newest model. This allows you to take advantage of the newest technological advancements and ensure your vehicle’s safety features are never outdated.
Buying a new vehicle instead of leasing it has many advantages that make your new car a solid investment rather than a monthly expense. While leasing for a short term may be cost-efficient, purchasing the vehicle can save you money in the long run and offer several unique benefits.
