Nothing beats the feeling of driving a new car off the lot. With attractive dealership incentives to either lease or buy, it can be hard to know which option is right for you. Here’s a closer look at some key factors so you can better weigh your decision. 

How to Decide Whether to Buy or Lease a New Car

Is the Vehicle for Business or Pleasure?

If your new car will primarily be used for business, consider leasing. The tax benefits alone can make a lease worthwhile for people who drive as part of their work. Depending on your particular situation, you may be able to deduct all or part of your lease payments—just be sure to check with a tax professional before you make a choice.

How Much Do You Drive?

If you log a lot of miles, you’re probably better off purchasing. Most standard leases include 12,000 miles per year at no additional cost. That limits you to 36,000 miles for a typical three-year lease before extra charges kick in. The usual lease requires you pay an additional 20 cents for each extra mile. This may not sound like much on paper, but it can add up fast on the road.

What’s Your Budget?

One of the most attractive advantages of leasing is affordability. If you have strong credit, you can often lease with $0 down and lower monthly payments than if you purchased the car outright. That means you can afford a higher-end vehicle for less monthly expenses—with the major benefit of not having to worry about depreciation.

However, leasing also means you must return the car at the end of the term without recouping any of your investment on resale or trade.

What Gives You Peace of Mind?

If you love the idea of your vehicle being someone else’s responsibility when it comes to average wear, maintenance, and resale, the freedom of leasing is probably for you. However, a lease also means you must return the car in as close to its original condition as possible. Excessive wear, mess, or modifications are your responsibility.

If you sleep better knowing you can do anything you want with your car from miles to customization, purchasing your desired model is a better option.

The best way to find out whether you should buy or lease a new car is by visiting a trusted local dealership. In the greater Camden, AL, area, McGraw-Webb Chevrolet is committed to satisfying your budget, taste, and lifestyle. Their team has offered exceptional deals on new and used vehicles for over 25 years. Call (334) 682-4258 to plan a visit to the lot or explore their website to check out their full inventory.