Leasing Pros & Cons
If you're not ready to buy a car, or you aren't sure which car you want to buy, leasing might be the right option for you. With a lease, you only have the car for a few years before you'll have to return it to the dealership. You can even decide to finance the vehicle at any point if you want to buy it.
Choosing to lease a vehicle vs. buy it can also result in lower monthly payments. So those with limited budgets might prefer leasing vs. buying. A limited warranty also helps drivers save money when their leased vehicle needs service.
While this option has its advantages, there are some drawbacks to keep in mind, too. The primary limitation when it comes to leasing involves mileage restrictions. Every year, you're given a certain number of miles you can drive. If you exceed that mileage, you'll be charged a fee for each additional mile. Not only that, but the vehicle must be in tip-top shape when it comes time to return it to the dealership. If there's any damage to the interior or exterior, you'll be charged an additional fee.