What are the pros and cons of leasing a car?

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asked Feb 11 in Buying & Selling by elinacarbone (310 points)
What are the pros and cons of leasing a car?

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answered Feb 11 by thelmasiller (470 points)
Leasing a car can be good but then again it can be a bad idea to lease a car.

When you lease a car you're really just renting that vehicle from the dealership for the period of the lease terms.

When the lease is up you can either pay off the car and keep the car by taking out another loan and paying for the rest of the balance of the car or you can return the car.

If you don't buy the car after leasing it then all that money you've spent on monthly payments doesn't go towards owning the vehicle.

When you buy a car you can do what you want to with it while you make the monthly payments to the lender but with a lease you have to abide by the dealers rules about mileage, maintenance etc.

Leased cars also have higher insurance costs and fees charged for excessive wear and tear of the vehicle.

In my opinion it's much better to buy a car instead of leasing it since you're paying monthly payments anyway and during the buying option your monthly payments go towards owning the car and you don't have to return the vehicle unless you stop making payments.

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