Autos: To Buy or Lease?

In today's society, there are many topics that can create a heated debate. Politics, animal rights and foreign policy are just a few. However, one subject that often leaves us pulling our hair out is that of buying a car versus leasing one. According to a recent survey, approximately 23.2 percent of the auto market is made up of leased vehicles. However, this large variance does not dictate which option is better, due to the fact that leasing is a newer trend. "Buying versus leasing is one of those questions we get from consumers on a regular basis," said Patrick Olsen, managing editor of Cars.com. "For most consumers, it comes down to some very basic lifestyle questions." So, when considering your next auto purchase, how can you decide which is the best path to take? Here are some points from Cars.com you should consider if you are thinking about leasing:

Beyond lower payments.

Lower payments aren't the only reason to lease. Leasing also offers purchasing flexibility. Olsen calls it "the three-year test drive."

A worry-free drive.

Drivers who lease don't have to worry about watching the value of their car drop every year or deal with hefty repair bills. At the end of the lease term, they can simply turn in the car and walk away.

An ongoing monthly payment.

While leasing is convenient, you end up having to continue making some kind of monthly payment. When you buy, however, you'll pay off the loan at some point.

The mileage watch.

Most leases have a cap on how many miles you can put on a car before you get hit with a mileage charge, which adds up very quickly. If you drive more than 15,000 miles a year, a lease is likely to be the wrong choice for you.

Don't leave a gap.

If you lease, make sure you consider GAP insurance. GAP stands for Guaranteed Auto Protection, and it represents the gap between what your insurance company pays and what you owe at the time the car becomes history, which can be tens of thousands of dollars. This insurance pays off the lease balance if your leased car is stolen or totaled.

For more information on leasing versus buying an automobile, visit www.cars.com.

More Articles

To Buy or Lease Your Next Car
When considering your next auto purchase, how can you decide whether to lease or buy? Here are some points to consider

Does Your Vehicle Have a Clean Bill of Health?
Each year as spring rolls around, consider it time for your vehicle's annual check-up. Just as you schedule dentist and doctor appointments regularly, you should do the same for your vehicle.   So what can you do to ensure a healthy vehicle?

Shedding Light on Vehicle Safety
Night driving, especially in poor conditions such as rain and snow, is an unavoidable part of owning a vehicle - but it also has a negative effect on our safety.  Xenon headlight technology offers 70 percent more light than typical halogen bulbs, making driving safer.

Free Car Care Guide Helps Motorists Save Fuel
Motorists who think the only way around high gasoline prices is hopping on public transportation or switching to a hybrid vehicle should think again. Better driving habits and regular vehicle maintenance can help any motorist save money by using less gasoline.

Don't Let Pressure Leave You Stranded
As the 2008 model year vehicles hit the road, motorists will benefit from a new standard feature - tire pressure monitoring systems (TPMS), which illuminate an on-dash light when the pressure in one or more tires is low.

Brush Up For Winter Driving
No matter where you live, winter driving requires extra-special attention. When the temperatures outside fall, keeping an eye on your car's mechanical condition, being prepared and driving cautiously are all critical to your personal safety and that of your passengers

Don't Be Left in the Cold
The first signs of car trouble often arrive with the first signs of winter. Sluggish performance, rough idling, difficult starts or occasional pings are potential warnings for problems that will more than likely get worse as it gets colder.