Reliable access to a car can make a huge difference in your life. With a vehicle of your own, all of our tasks are significantly easier—getting to and from work, taking kids to school, shopping for groceries, and more. Deciding your purchase plan is the first step to car ownership. Below is a guide to help you figure out whether leasing or buying is right for you.
Benefits of Leasing a Car
Lower Monthly Payments and Initial Cost
Leasing a car can lower the financial impact in terms of a monthly payment that you’re responsible for. Leasing also typically comes with a far smaller down payment than buying a car.
Some people will always want the option to upgrade their car, and leasing gives you much more flexibility to do so. The shorter terms usually associated with leasing will always give you a chance to get the newest and most advanced model available.
Some Tax Benefits
Depending on how you use your vehicle, like for business purposes, leasing can give you an opportunity to get a tax deduction on your loan. Be aware that there could be some limitations to write-offs if you’re leasing a luxury vehicle.
Benefits of Purchasing a Car
Ownership means there are no restrictions on your car. No mileage limits or additional fees for general wear and tear. Owning the car means you can handle service and maintenance when it’s best for you.
Buying a car means you have total control over the car. Want to change the color, upgrade the rims/wheels, make other aftermarket additions and modifications? Go wild. Control also means after the loan is paid off, you’re allowed to do whatever you wish with the car.
Purchasing your car will always be more cost-effective over time than leasing when you keep the car as long as possible.
Insure Your Vehicle With Farm Bureau Insurance
Whether you are leasing or buying, you’re going to want high-quality and affordable car insurance to protect your new ride when you get on the road. Florida Farm Bureau Insurance has the coverage you need. Get a free, no-risk quote now.