Your First Car: Should You Buy or Lease

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Buying your first car can be really exciting, but it’s a decision you need to take seriously as it can have serious consequences for your financial security and wellbeing. As well as thinking about the kind of car you need, you also have the option of lease hire as well as buying it outright, and in order to make this decision there are a few things to consider. 

How Much Do You Want to Spend?

Your financial situation plays a big role in whether or not you should buy or lease your first car. Depending on the kind of car you’d like to have, the down payment required as well as the monthly payments can be expensive. However, if you are interested in getting a bigger and better car, then it might be more financially beneficial for you to look at getting something like this bmw x4 lease or something similar to help you afford a fancy car. However, you might find that since this is a more expensive car, it’s cheaper to get a second-hand lower end car, but the decision is up to you. 

When it comes to leasing a car there are a number of hidden fees that you need to consider too as well. For example, if for any reason you have to terminate your agreement earlier than planned you will have to pay a fee, and the same goes if you damage the car in any way or return it in an unclean state. 

How Much Work Do You Want to Do?

Owning a car is a big responsibility, as it requires constant care, and there is so much to learn which is particularly burdensome when it is your first. For this reason, it can be beneficial to lease a car, as the supplier provides regular maintenance of the vehicle for you. Leased cars are often new too, which gives you peace of mind on long journeys. 

However, if you lease a car there are a number of terms and conditions involved, such as having to stick to a maximum mileage per year and having to keep it clean and damage free. If you’re a forgetful or lazy person, it may be better to own your vehicle outright, so you don’t need to worry about things like that. 

How Much Do You Know?

Buying a car requires in depth knowledge, as you need to know what to look out for in terms of the health of the vehicle. Car salesmen have a reputation for being dishonest, so you need to know what you’re talking about. If this is your first car buying experience you may feel that you don’t have the knowledge you need just yet, and for this reason it may be a better idea to lease a new car. The application process for car leasing is straightforward, fast, and only requires a successful credit check.

When deciding whether to buy or lease your first car, you need to consider what kind of car you’d like in order to figure out how much each option is going to cost you, also bearing in mind the additional potential expenses involved in leasing. You need to have an idea in mind of how much work you’ll be willing to put into maintaining the vehicle, and you need to consider how much knowledge you have of cars and whether or not it’s enough to be able to buy one from a seller. For car buying tips, visit drivenautos.com as they have plenty of helpful articles such as insider tips.