The Pros and Cons of Buying
Like renting an apartment, leasing a vehicle means you’ll always have to make monthly payments. If you buy, those monthly payments may be higher, but they’ll eventually stop when you’ve paid back the loan in full. At a certain point, you’ll probably break even financially and come out ahead.
A caveat: This assumes you take good care of your car, schedule routine servicing, and ignore the impulse to upgrade vehicles on a whim. If you’re someone who must have the latest in tech and gadgets or style, buying a car may not be the best choice for you.
But, once the car is paid off, you are the title owner; meaning you can drive or customize it as much as you want. The higher prices you pay to purchase the vehicle give you control. If you’re big on road trips, the lack of mileage restrictions is a huge plus.
On the other hand, buyers must pay for all routine maintenance, as well as repairs when the warranty runs out. If you’d like to own your next car, you’ll have to find room in your budget for that.