To Lease Or To Buy? Be Sure To Consider The Pros & Cons!

Lease Vs. Buy A Car The Pros & Cons Anaheim CA

Leasing or buying a car is dependent upon your lifestyle!

It’s time to look for a new car. Not only do you have to decide which make and model you’re after, but you also have to decide whether or not you want to lease or buy your new car. While there are pros and cons to each option, it depends on what works best for your needs. Check out this guide to determine what works best for your needs.

Car Leasing:

  • Pro: It’s cheaper in the short term. You’ll have a lower down payment and lower monthly payments.
  • Con: There are restrictions on your usage. You’re essentially renting a car. You’re limited to the mileage you’re allowed and you’re stuck with the lease until it ends unless you’re willing to pay hefty lease termination fees.
  • Pro: Repairs and trade-ins are much easier. It’s much less of a hassle when it comes to maintenance and trade-ins when you lease.
  • Con: Be wary of wear and tear charges. When you turn in your car at the end of your lease, there may be a few additional charges waiting for you.

Car Buying:

  • Pro: You own your car! You can do anything you’d like with it. You can drive across the country or add a new sound system. It’s yours to customize.
  • Con: The value of the car depreciates as you drive it. The longer you have it and the more you drive it the less the car is worth.
  • Pro: It’s cheaper in the long term. Once you pay off your car, you no longer have monthly payments. Your only financial responsibilities when it comes to the car will be insurance, gas, and any repairs.
  • Con: It costs more initially than if you were to lease. You generally have a higher down payment and a higher monthly payment at the start.

No matter if you lease or buy, you need car insurance that you can trust. Contact the professionals at Brown & Brown Insurance to help find you the best policies for your lifestyle. Located in Anaheim, California, we serve all your personal and commercial insurance needs.