Buy vs. Lease in Nashville TN

Buying and leasing are both great ways to get behind the wheel of a new car. Depending on your financial situation, one option might be better than the other though. While each option has its benefits, they both have their drawbacks as well. Here's a quick look at buying versus leasing a car.

If you plan on keeping your car for years at a time, buying is likely the better option. Once you've paid off the loan, the car is yours to keep. You're free to drive as much as you want, modify it as you see fit, and so on. As an added bonus, once you've paid off the car, you have several years without a car payment and that can add up to a nicely sized bank account.

On the downside, buying a car means the resale value is a gamble. You may also need a higher down payment in order to get the payment low enough to fit within your budget.

If you want a new car every few years, leasing is the way to go. Making payments on a lease is essentially paying the difference between the new car price and the expected resale value. You get more car for less money as a result.

Lease contracts have their limits on how much you can drive or modify the vehicle. Any damages will likely result in a fee at the end of the lease as well. If you have a low credit score, it may be hard to get a lease in the first place.


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