Pros of Leasing a Vehicle

Leasing a vehicle may be the best choice if you are on a budget, don't drive your vehicle that often or like to trade in your car every couple of years. Generally speaking, leases last for about two years and allow you to drive your car for up to 15,000 miles a year before you incur additional fees. The monthly payment for a lease is typically lower than what you would pay if you bought your car outright.

Pros of Buying a Vehicle

Buying a vehicle may be ideal if you tend to drive more than 15,000 miles a year or like to take trips from Simpsonville to Forest City. It may also be ideal if you plan on keeping the car for five years or more or if you want to hand it down to a child or grandchild eventually.

Cons of Leasing a Vehicle

You might not be able to cash in any positive equity that you accrue during the lease period. Furthermore, you could be charged for any excess wear or tear the vehicle experiences during the lease term, which means that you may not be able to drive the car the way that you want.

Cons of Buying a Vehicle

Cars can start to depreciate from the day that they are driven off of the dealer lot. In many cases, you will need to make a down payment and have a minimum credit score to obtain a loan or to obtain the best possible loan terms.