When you need a new car, the decision can be tough.
There are many of factors when deciding on whether to lease or buy a vehicle.
Maybe that trusty old SUV is on its last leg or you have finally accepted that no matter how hard you try, another car seat just won’t fit. Either way, it’s time for a new car. But do you want to buy or lease? This is a big decision, and the options can be confusing.
A lease can be attractive, because your monthly payments are usually lower. Loan payments are much higher, because you are paying off the entire purchase price. But a leaser may not be the right thing for you if you put a lot of mileage on your car. Most leases limit the number of miles you drive to 12,000 to 15,000 per year. If you go above that, it’ll cost you. And if you like to customize your car, a lease may not be the way to go.
“Most of our customers in our rural area drive too many miles to take advantage of all of the benefits that leasing can offer,” says Ken Houtz of Ken Houtz Chevrolet-Buick in Gloucester. “However, for someone that drives less than 20,000 miles per year, leasing might be an option that they should look at the next time they’re in the market for a new vehicle.”
