Is It Better To Lease Or Own Your First Car?
The context in which you should be interested in car leasing is if you know for sure that you do not plan to keep the car for a long time. In other words, if you are the person who always likes to have a new car, then yes, leasing is what you need.
When you lease a vehicle, you sign an agreement that allows you use it for a period of time, usually 2 or 3 years. After this period, you must either return the car and look for something new, or purchase it for the price asked by the dealer, which will depend on the value of the car.
There are many benefits related to leasing. For example, if you use the car for work, you may receive certain tax deductions. Moreover, after using the car for a few years, you will receive a new car at each contract renewal. On the other hand, if you get attached to a certain car and want to keep it after the contract expires, this will cost you more than it would have cost you to buy it in the first place.
If you want to own a car and get a loan to purchase it, be prepared for higher monthly costs. However, this way the car is entirely yours until the end of its lifespan or for as long as you want it.
Statistics show that at least 4 out of 5 drivers still prefer to own a car instead of leasing, but leasing is becoming more and more popular. For those just starting out with Lakewood driving school it is best to own an older car that is still very reliable and has been maintained, but it is not worth a whole lot of money.