When you have decided to add a new car to your life, the biggest decision you need to make is whether you want to buy the car and finance it through a loan or lease the car. We'll take a look at the benefits of both options.

Buying

For drivers who prefer driving a car as long as possible, buying is a better way to do that. If you take out a loan, you will make monthly payments until it is paid in full. Then, you will own the car outright. That ownership can be turned into positive equity if you ever decide to sell the car or trade it in. Buying a car also gives you the freedom to drive as much as you want and make any modifications that you want, as well.

Leasing

If you love the idea of always driving a car with the latest technology and safety features, leasing might be the way to go. Most lease contracts typically last 2-3 years. That means when one lease contract is over, you can choose a brand new car and start the process again. Leasing also gives drivers the option of driving a nicer car than they could afford if they took out a loan. This is because monthly lease payments are typically lower than a monthly loan payment.

For help in deciding which option is best for you, come visit us at Withnell Dodge.