Five Reasons You Should NOT Lease Your Next Car

While leasing can be an easier way in the moment to get into a shiny new car, it doesn't always pay off in the long run.  Looking at just the monthly payment comparison won’t give you the big picture when you are thinking about the long term value of the car you want.  Here are five reasons you should buy your next car, instead of leasing:

1. You don’t own the car at the end of the lease – Even though you've been driving the car for a period of time, when your lease is up, that car still belongs to the dealership.

1. Your mileage is limited – At the end of the day, it’s not your car, so you have to follow someone else’s rules.  Every lease agreement is different, but almost all of them will limit you to a certain number of miles.  If you go over that mileage then you often have to pay an additional fee at the end of your lease.

1. More expensive in the long run – when comparing the scenario of buying a car and driving that car until it’s paid off, leasing is significantly more expensive.  With buying, that point in the distant future when you no longer have a car payment is there to look forward to.  That is not the case with a lease.

1. Increased flexibility in buying – It’s your car and you can do what you want with it when you purchase!  If you want to upgrade certain features, drive across the country putting a ton of miles, or sell it whenever you want to, you can! All of those would be no-no’s with a lease.

1. Wear & tear charges – at the end of your lease, the dealership will assess s the wear and tear on the car.  You could end up paying additional fees depending on the condition the car is in.  Now of course the goal is always to be careful with your automobile, but sometimes things happen, and when your child stains the backseat with that melted chocolate bar, you could end up paying for it literally.

Now that you know all the benefits of buying a car vs. leasing one, the only question left is where to get your car loan from? Well, that answer is an easy one.... just come on down to your local credit union, like Honor CU!