Although the decision to rent or purchase a car implies spending cash, there are still a lot of factors that you need to consider besides money. It is important that you factor in your taste and lifestyle in deciding whether you buy or lease a vehicle.
This article will give you the major advantages and disadvantages of both sides of renting and buying. At the end of this article, hopefully, you get to decide what option works best for you.
Benefits of renting a car
Lower Monthly Payments: Leasing a car is typically lower compared to buying one. Most of the companies do not require down payment for the rent, so you don’t have to pay any upfront sales tax. But there are still some extra charges when you return the vehicle, this normally includes charges for racking up mileage that exceeds the limit early lease termination or having any unrepaired damage.
Few Repair Expenses: Car rental and leasing companies have insurances that can cover your use during the rent, so you never have to worry about paying large unexpected repair bills. But this does not mean that you won’t be spending a dime, you are still responsible for the regular upkeep, maintenance, and the minimum amount of auto insurance required by the state.
You can always return the vehicle and choose a new one: The good thing about rentals is that every time your rental agreement or lease term expires, you can simply return the vehicle or choose to initiate a new lease or rent an entirely different new vehicle. So the hassle of going through a sales agent to sell your vehicle on your behalf will be negated, you will not be concern about getting a fair trade-in value.
Driving a car more often: Renting a car will allow you to drive a car with the most innovative and up to date technology available in the market. Most car rental companies only offer their new models for rent or lease. Use this to your advantage and drive cars that have the best technology, comfort, and safety features.
Benefits of buying a Car
It will cost less over the long term: The first advantage of buying a car is that it cost less compared to monthly lease payments and car loan payments. Buying a car can be the cheapest way to own a vehicle. You can purchase it, and then drive it for several years, the longer you drive it the lesser the cost will be.
You can sell it anytime: Because you are the owner of the car you have the liberty to sell it or trade it anytime you want. You will never be tied up to a fixed ownership period.
No restrictions on appearance: Driving a car is not enough sometimes, some people go beyond driving. They want to make their ride look cooler in the road, so they customize it. Owning a car will allow you to keep it in a perfect condition and you can accessorize it anytime.
Deciding to buy or rent/lease a car largely depends on your personal goals, budget, and personal preferences. Both have their share of advantages, what matters most is how those advantages serve your purpose.