Budgeting / Buying a Car

When Is It a Good Idea To Buy Or Lease a Car?

Words by Abbie Dyer on May 12, 2017 4:37:42 PM

It's fun to find a new car and take it for a test drive, but before you drive away you have to decide if you're going to buy or lease. Knowing the difference between buying and leasing a new car can help you find a vehicle you love within your budget. Learn a little more before you head to your local auto dealership to take some of the pressure out of the decision-making process.

In the face of making a large decision, it seems like everyone offers their opinion on what they think you should purchase or lease. Some people argue that buying a car is better because you own the vehicle and can do what you want with it. Others prefer to lease because they can get into a new car every few years. But in the end, you have to choose a vehicle and a payment that's comfortable for you.  

With our new Auto Saver program1, you now have to option to get features of both buying and leasing. Like buying, you can use Auto Saver on either new or used vehicles and the car is titled in your name. Similar to leasing, you can either upgrade to something new or finance the balance and keep the car at the end of the term.

If you're ready to buy a car but not looking forward to shopping the lot, check out the other cool ways you can buy and finance a vehicle with us at ShopZoom™, our new car-buying hub!

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SEE ALSO: 6 Smart Things To Do Before Buying Your Next Car   |   The 6 Most Overlooked Costs of Owning Your First Home

 

1Third party website. Lake Trust Credit Union is not responsible for the content, availability, security or compliance of any linked third party websites. In addition, the site's privacy policies may differ from those of Lake Trust.

³Pinola, M. (2011). When is Leasing a Car Better Than Buying? Lifehacker. Retrieved from http://lifehacker.com/5858640/should-i-buy-or-lease-a-car 

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