If you have been thinking of leasing your next car, sit down again and reconsider your decision. Here are some of the reasons buying a new car is likely to turn out better than leasing it.
Leasing Is Expensive in the Long Run
Leasing may or may not be expensive depending on how long you want to keep the car. If you are like most people and change your car every few years or so, then leasing may not be expensive. However, there are reliable car brands that you can drive for years without a problem, and if that is the kind of car you want to lease, you may end up spending more money on it than if you would have bought the car. Remember that the lease payments go on forever, whereas the loan payments stop after some time if you choose the buying option, and the car becomes wholly yours.
Early Termination Fees May Apply for a Lease
When you lease a car, you sign a contract detailing different issues such as the monthly payments and the length of the lease period, among others. Just like other contracts, both parties (you and the leasing company) are expected to honor their part of the bargain, and anyone who breaks the contract will have to face some penalty. For example, you may have to pay early termination fees if you decide to get rid of the car before the end of the lease period (say you are moving overseas). This would not be a problem for a purchased car because you can sell it at any time without facing any penalty.
You Can't Modify a Leased Car
When you buy a car, you own it fully and you are free to customize or modify it in any way you want. You can modify the engine to give it more power or get bigger rims or wheels. This will not be possible with a leased car because you don't own it; you only pay for the permission to use it.
You May Be Penalized for the Poor Condition of the Car
Lastly, at the end of the lease period, you are expected to take back the car in the same condition in which you took it. You may even be penalized for the poor condition of the car if you take it back with a few issues. If you buy a car, however, you don't have to explain to anybody why the car is not in a pristine condition.
For more information about buying a new car, such as a new Jeep Wrangler, reach out to a local car dealership.