Owning a car can be extremely advantageous for many people. As opposed to leasing, the car is actually in your hands completely. You have no mileage restrictions and can modify anything you desire on your vehicle. Although there are many advantages, some significant drawbacks exist as well. The decision of owning a car needs to take into account the positives as well as the negatives to ensure you're making the right choice.
One of the major advantages of leasing a car is the ability to have the car repaired should trouble arise. Although owning a car generally comes with a warranty to cover wear and tear, eventually these warranties expire. If problems do occur with your vehicle, they can cost you a significant amount of money. Sometimes extended warranties can be purchased to extend the length that a warranty covers your vehicles.
A used vehicle poses a double risk as compared to a new vehicle. Some might come with warranties, while others might not. This can place the consumer at a tremendous disadvantage as they might purchase a vehicle that is problem prone. Any vehicle that experiences continuous problems will hit the consumer right where it hurts --- in the wallet. For used cars, purchasing "certified used cars" can be a good idea as it requires a professional screening and can also include a warranty, much like a new car.
While someone that leases only has to turn in the automobile at the end of the lease term, an owner is at a disadvantage as they completely own their vehicle. If the vehicle owner decides they want a new vehicle they must decide what to do with the old vehicle. They are responsible for figuring how, where and when to sell or trade the vehicle.
One of the major disadvantages with vehicles is depreciation. Unlike homes or other investments, cars continually depreciate, starting with the moment the wheels roll off the car lot. If the car owner leases the vehicle, although money is spent, they are purchasing a service, rather than an item. This leaves no depreciated vehicle at the end of the lease term.
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