Buy or Lease?

More Likely to Buy

If you drive a lot
When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile depending on make and that can really add up.

If you like to personalize your car
This investment can be lost, or even cost you, on a leased car.

If you like the idea of ownership
You are less likely to be happy with the lease option as you don't actually own the vehicle or have a title for it.

If you like paying your vehicle off
If you like the feeling of accomplishment that paying off a large purchase brings. When you lease a car, the payment ends only when you return the car.

If you don't mind doing your own repairs

If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires either.

More likely to lease

If you don't drive a lot
Lease arrangements usually involve a 15,000 miles-per-year cap, and may go all the way down to a 10,000 mile cap, and charge for extra miles. If you drive very little, you may be a good candidate for a lease.

If you like that new car smell
When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.

If you like to stay under warranty
Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.

If you like lower monthly payments
If you don't mind not owning the car, you are free to enjoy the benefits of leasing like low monthly payments and a low down payment.

If you'd like a more expensive vehicle
Leasing provides a way to drive a nicer vehicle than might otherwise be within your budget.