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The Benefits of Leasing vs. Buying a Car

One of the most important questions you'll face when it's time for a new vehicle is, "Should I lease or buy a car?" The answer won't be the same for everyone. Each driver has unique needs, so review the benefits of leasing vs. buying a car to determine which is right for you.

When to lease

A car lease allows you to drive a vehicle, usually new, for a predetermined length of time. Monthly lease payments are typically lower than new car financing payments, however at the end of the contract period, the car must be returned. The most appealing reason to lease is you’ll always have a newer vehicle, which usually includes the latest technology and safety features. Leasing can also allow drivers to get behind the wheel of a luxury car at a lower monthly payment than buying new.

When to buy

Although leasing has its benefits, buying a new car is the more popular option. Most leasing contracts have yearly mileage limits, so if you drive a lot, or take frequent road trips, you may be better off buying a new car. Buying new is usually less expensive in the long run, since you're putting equity into a vehicle that you will eventually own. So unless you need the latest vehicle model and features every few years, you'll probably save money and have more flexibility buying a new vehicle.

So is it better to lease or buy a car? Only you can answer that question. Use this guide and talk to your car dealer to determine whether leasing or buying a car will better fit your needs, finances and lifestyle. Whichever option you choose, make sure the vehicle is protected. Look for affordable car insurance companies like Titan, which offer the types of insurance coverage you'll need to protect your new vehicle.

The provided information and safety suggestions were obtained from sources believed to be reliable and is intended for informational purposes only. Titan and its affiliates assume no liability in connection with providing it or your use of it. Your circumstances may not warrant or require some or all of the safety suggestions, and there may be additional available safety procedures that are not referenced on this webpage.

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Titan Insurance, design, superhero and Savings without the Sacrifice are service marks of THI Holdings (Delaware), Inc. Nationwide Insurance is a service mark of Nationwide Mutual Insurance Company. Price based on March 2010 analysis of available national data for liability-only policies. Subject to underwriting guidelines, review and approval.

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