Leasing a Vehicle vs Buying

[pennypinch]

Leasing a vehicle means that you do not own the vehicle. It's kind of like renting. You get to use the vehicle but at the end of the lease agreement you either have to give the vehicle back or buy it.


Buying a vehicle means that you own it. It is yours.

With a lease you can have up front costs such as the first months payment, a security deposit, taxes and other fees.

With buying you will have a down payment, taxes and other fees.

With a lease you have a certain amount of mileage that you are allowed to put on the vehicle within a certain period of time. If you go over you pay a penalty. You don't have that with buying.

The plus to leasing is that typically the monthly payments are lower then if you are buying.

[Rae74]

My question would be if you are leasing a vehicle and it breaks down,who is responsible for the repairs?

This would make a big difference to me as to wether or not I wanted to buy or to lease my next car.

I have a friend who has always leased her cars and never had bought one,we haven't seen each other in a few years now and I never thought to ask her that question.