Picking out a new vehicle can be done by make, model, color, or just a good "fit." Your decision on how to pay for it can be confusing. If you are wondering if you should lease or take out a loan for your vehicle purchase, here are a few things to think about.
Which option makes the most sense?
The answer to this question depends on how you plan to use the vehicle. If you like the idea of driving a more expensive vehicle for a smaller monthly payment, leasing is a great option. However, if eventually owning the car is important, financing with a loan is the way to go.
What are the restrictions of driving a "borrowed" vehicle?
Annual mileage restrictions are a major limitation for customers who choose to lease. Leasers want their vehicles returned in saleable low-mileage conditions, so they place mileage caps on them. A typical yearly figure is between 12,000 and 15,000 miles. Beyond the established limit, fees accrue on a per-mileage basis, usually in the range of $0.10 to $0.25 per mile. So if most of your driving is local, leasing makes sense. However, if you consistently tack on 500 or more miles a week, definitely look into a loan.
What are the other virtues of a loan?
Loans are also sensible for those who want to customize their vehicles, plan on keeping their cars for long periods of time and plan to re-sell their vehicles to help recoup the costs of ownership or expenses of additional cars. For those who quickly wear vehicles out, loans may be safer bets as leasers often add "excessive wear" charges if the car is returned with wear over the limits established by the contract.
Why lease?
Leasing ensures that you'll always drive a late-model vehicle, won't have to pay for warranty-covered repairs and won't have to bother with re-selling at the end.
Riverside Auto Sales is ready to put you in a new vehicle. Enjoy the convenience of shopping on line at www.(no spelling suggestions).com or visit one of our showrooms today!
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Our goal, here at Riverside Auto Sales, is to devote ourselves to helping and serving our customers to the best of our ability. For us, "customer service" means making your car buying experience as easy and enjoyable as possible. Our sales department has one purpose: to exceed your expectations from test drive to delivery. Our service department offers the best in automotive service to our customers. We offer high quality parts for maintaining your vehicles optimum performance. Therefore, if you're in the market for a new vehicle or in need of a tune-up, Riverside Auto has all of your automotive needs.
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