When the time comes for you to get a new vehicle, one of the earliest decisions that you'll need to make is whether you want to lease the car or buy it. There are certainly a number of advantages to both approaches — and for some people, leasing their vehicle is the way to go. However, you should give serious consideration to actually buying the vehicle. Even if you have to finance your purchase and you won't fully own the vehicle for a few years, there are several reasons to go this route. Here are some reasons that purchasing your car makes sense.
You Don't Have To Fret Over Mileage
One of the drawbacks of leasing your vehicle is that you have to keep your mileage to a certain limit. Depending on the length of the lease, you'll need to return the vehicle with its mileage under a specific number. If you exceed that number, you'll have to pay a fee. This can be stressful — when you need to take a trip, for example, you'll have to evaluate whether you should take your own vehicle and add extra mileage, or consider an alternative method of transportation. When you own the vehicle, you don't have to keep one watchful eye on the odometer, as the amount that you drive won't matter.
Owning Is Good For Your Credit Rating
Whether you have a lower credit rating that you're looking to build up or you have a high rating and want to keep it that way, owning a vehicle can be a step in the right direction. When you purchase a new car and make regular payments until you own the vehicle outright, it will strengthen your credit rating by showing that you can successfully handle these bills. If you're thinking of purchasing a home in a few years, successful ownership of your vehicle can help you secure a mortgage for the home.
Ability To Customize The Vehicle
When you lease a car, you need to return it to the dealership at the end of the lease period in the same condition you bought it in. This means that you can't make alterations to the vehicle. When you own the vehicle, you can do whatever you like, whether it's getting the rear windows tinted, adding performance features under the hood, or having a trailer hitch installed to tow a trailer to the cottage.