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I am in the market to purchase a car. I would like to know if I should lease or buy? What are the pros and cons of the two options? Thank you.

Answers from the Automotive Experts

Chris Walsh, Owner at Consolidated Automotive Services of indiana Hi Thank You for your inquiry . Before you lease there are some of things you need to know 1. There is an upfront deposit that you will need to come up with that you will not get back at the end of the lease. 2. There is mileage criteria as well. So many miles that you can put on the vehicle for the length of the lease. Make sure you check to see that the mileage allowance meets your needs. If you exceed the limit there can be a fee per mile for every mile over that limit. 3. There may be a disposition fee at the end of the term. This can be a fee charged to you to re-inventory the vehicle or fees charged for the vehicle being set for sale. 4. At the end of the term your vehicle will be inspected. If it has been damaged or has bald tires you may also be charged and expected to pay the damage amount beyond reasonable normal wear and tear. 5. The payments are usually less than a purchase payment but at the end of the lease you do not own the car it is turned back in. Purchases on the other hand may or may not have a down payment and you own the vehicle when your loan is paid off.

Brandy Schaffels, Editor at AskPatty.com, Inc. As the end of the year approaches, dealerships are trying to make room for newer 2014 models by offering a terrific assortment of lease and finance deals meant to entice new-car shoppers into making a purchase. These promotional deals can take the form of cash back (that can help increase your down payment) or low financing rates for defined terms. Meanwhile, leasing deals typically offer the new-car shopper a choice between a low down payment or low monthly payment for a nice short term to keep your out-of-pocket automotive expenses minimal. Leased vehicles must be properly maintained and returned at the end of the lease period in good shape and within the mileage terms. If you buy the car (by financing or with cash) you own the vehicle for as long as you want to drive it, and can sell it whenever you want. Only you can decide whether you want to purchase a car with cash or by financing, or whether you want to lease the car for a limited amount of time. You can find out more about the facts of leasing vs buying here: http://blog.truecar.com/2010/11/09/buying-v-leasing/

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