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Buying a Car
To Loan or to
There are many important differences to
consider when you are deciding whether to get a loan to purchase a car
or lease a car from a dealership. Use the chart below to help you make
the best choice for your budget and needs:
||Car belongs to the bank
that gave you the loan until you have paid off the loan. Then, the
car becomes yours.
||You are essentially
renting the car from the dealership. The lease is like a rental
agreement. You make monthly payments to the dealership. But the
car does not belong to you. When the lease ends, you have to
return the car to the dealership.
|Wear and tear
||No additional costs for
wear and tear in your loan agreement.
||Most leases charge you
extra money for any damage they find at the end of the lease that
goes beyond “normal wear and tear.”
||Payments are higher;
however, at the end of the loan, you own the car.
||Payments are lower.
This is because you are not purchasing the car; the dealership
still owns it. Once your lease ends, you turn the car back in and
the dealership can sell it or lease it to another customer. You
may decide to purchase the car at the end of the lease; however,
the total cost ends up being more than it would have been if you
bought the car instead of leasing it.
||Restrict the number of
miles you can drive the car each year. If you exceed the mileage
allowed, you have to pay the dealer for each mile over the limit,
in accordance with your lease. For example, a dealer may charge
you 15 cents for every mile that you drive over 24,000 miles in 2
years. If you drive the car an additional 3,000 miles, you would
owe the dealer $450 for those miles.
|Auto insurance rates*
||May cost more during
the loan than it will after the loan is paid, because the lender
may require more coverage, but usually still less expensive than
auto insurance for leased cars.
||Usually costs more if
you lease a car than it does if you buy. Most car leases require
you to carry higher levels of coverage than purchase agreements
do. Some insurance carriers may also calculate leasing to be
higher risk than purchasing.
||Probably will cost more
in the short term than a car lease; your total loan and monthly
payments are likely to be higher. However, once the loan is
repaid, the car is yours.
||Probably will cost less
in the short term than a car purchase; your total loan and monthly
payments are likely to be lower. However, if you exceed the
mileage on a leased car, and/or decide to buy it outright once
your lease has expired, it will end up costing you more.
* Make sure you find out what the
requirements are, and get a cost estimate from your insurance company
before you decide to lease or buy. Remember, you will have to
have insurance coverage from your new car before you can legally drive
it away from the dealership.
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