Pros of leasing a car
Lower monthly payments: One of the major benefits of leasing a car is that the monthly payments are generally lower compared to buying a car. No upfront costs: Leasing a car often requires little to no down payment, making it more affordable for those who don't have a large sum of money to put down. Ability to drive a new car: Leasing allows you to drive a new car every few years, giving you the opportunity to enjoy the latest features and technology. Warranty coverage: Most lease agreements come with warranty coverage, which means that you won't have to worry about expensive repair costs during the lease term. No trade-in hassle: At the end of the lease, you can simply return the car to the dealership without having to deal with the hassle of selling or trading it in.
Cons of leasing a car
No ownership: When you lease a car, you don't own it. This means that you don't have the asset and won't have any equity built up. Mileage restrictions: Most lease agreements come with mileage restrictions. If you exceed the allowed mileage, you may have to pay additional fees. Extra charges: There may be additional charges associated with leasing a car, such as excess wear and tear fees or disposal fees at the end of the lease. Lack of customization: When you lease a car, you're limited in terms of customization options. You may not be able to modify the vehicle to your liking. Long-term cost: While the monthly payments may be lower, leasing a car over the long term can end up costing you more than buying a car outright.