{"id":1303,"date":"2025-04-19T02:06:29","date_gmt":"2025-04-19T02:06:29","guid":{"rendered":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/?post_type=newsletter&#038;p=1303"},"modified":"2025-04-19T02:06:29","modified_gmt":"2025-04-19T02:06:29","slug":"should-you-buy-or-lease-your-next-vehicle","status":"publish","type":"newsletter","link":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/should-you-buy-or-lease-your-next-vehicle\/","title":{"rendered":"Should You Buy or Lease Your Next Vehicle?"},"content":{"rendered":"<p>As a rule, if you plan on keeping a vehicle for a long period of time, it makes more sense to buy it. But if having the latest technology and safety features is important to you, leasing might be the best option, allowing you to drive a new vehicle every few years. To help you decide, you should also determine how each option fits into your lifestyle or budget. Here are some points to consider.<\/p>\n<h2>Ownership<\/h2>\n<p>When you buy a vehicle, you usually finance a portion of the purchase price and pay it back over time with interest. When the loan term ends and the vehicle is paid for, you own it. You can keep it as long as you like, and any retained value (equity) is also yours to keep.<\/p>\n<p>When you lease a vehicle, you don\u2019t own it \u2014 the leasing company does \u2014 so you do not have any equity built up once the lease is over. At the end of the lease term, you can choose to either return the vehicle or buy it at its residual value, which is set forth in the lease. If you end up returning it early, the dealer may require you to pay a hefty fee. If you still need a vehicle at the end of the lease term, you\u2019ll need to start the leasing (or buying) process all over.<\/p>\n<h2>Monthly payments<\/h2>\n<p>If you finance all or part of your new vehicle purchase, you will have a monthly payment that will vary based on the amount you finance, the interest rate, and the loan term. When comparing loans, it\u2019s important to look at the total amount of money you will end up paying over the life of the loan. While a longer loan term may give you a more affordable monthly payment, you will end up paying more money over the loan term.<\/p>\n<p>In general, monthly lease payments are usually lower than monthly loan payments since you are mainly paying for the vehicle\u2019s depreciation during the lease term as opposed to the purchase price. This means that leasing may allow you to drive a more expensive vehicle than what you could otherwise afford.<\/p>\n<h2>Mileage<\/h2>\n<p>How much do you plan on driving? When you buy a vehicle, you can drive it as many miles as you want. However, a vehicle with higher mileage may be worth less if you plan to trade it in or sell it at some point down the road.<\/p>\n<p>Vehicle leases come with up-front mileage limits, typically ranging from 12,000 to 15,000 miles per year. If you exceed these limits, you can end up incurring costly penalties in the form of excess mileage charges.<\/p>\n<h2>Maintenance<\/h2>\n<p>When you sell your vehicle, condition matters, so you may receive less if it hasn\u2019t been well maintained. As your vehicle ages, repair bills may be greater, something you typically won\u2019t encounter if you lease.<\/p>\n<p>Generally, you will have to service a leased vehicle according to the manufacturer\u2019s recommendations. In addition, you\u2019ll need to return your vehicle with normal wear and tear (according to the leasing company\u2019s definition). Anything above normal wear and tear may result in excess charges.<\/p>\n<hr \/>\n<figure id=\"attachment_1306\" aria-describedby=\"caption-attachment-1306\" style=\"width: 394px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-1306 size-full\" src=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24073_Should-You-Buy-or-Lease-Your-Next-Vehicle-CHART-e1745028330559.jpg\" alt=\"\" width=\"394\" height=\"219\" srcset=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24073_Should-You-Buy-or-Lease-Your-Next-Vehicle-CHART-e1745028330559.jpg 394w, https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/wp-content\/uploads\/2025\/04\/WA_24073_Should-You-Buy-or-Lease-Your-Next-Vehicle-CHART-e1745028330559-300x167.jpg 300w\" sizes=\"(max-width: 394px) 100vw, 394px\" \/><figcaption id=\"caption-attachment-1306\" class=\"wp-caption-text\">Source: Experian, 2023<\/figcaption><\/figure>\n<hr \/>\n<h2>Up-front costs<\/h2>\n<p>When you buy a vehicle, the up-front costs you incur may include the cash price or a down payment for the vehicle, taxes, title, and other fees.<\/p>\n<p>The up-front costs associated with leasing a vehicle may include an acquisition fee, down payment, security deposit, first month\u2019s payment, taxes, title, and other fees.<\/p>\n<h2>Additional buying vs. leasing tips<\/h2>\n<p>Keep the following tips in mind when determining whether or not to buy or lease a vehicle:<\/p>\n<ul>\n<li><strong>Shop wisely<\/strong>. Advertised deals may be too good to be true once you read the fine print. Make sure you fully understand all terms or conditions.<\/li>\n<li><strong>Negotiate<\/strong>. To get the best deal, be prepared to negotiate the price of the vehicle and the terms of any loan or lease offer.<\/li>\n<li><strong>Run the numbers<\/strong>. Calculate both the short-term and long-term costs associated with each option.<\/li>\n<li><strong>Factor in any tax incentives or implications<\/strong>. This is especially true if you plan to use your vehicle for business or are shopping for an electric vehicle.<\/li>\n<\/ul>\n<p>1) Kelley Blue Book, 2024<\/p>\n<p>This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2024 Broadridge Financial Solutions, Inc.<\/p>\n","protected":false},"featured_media":1305,"template":"","meta":{"_acf_changed":false},"newsletter-category":[28],"class_list":["post-1303","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","newsletter-category-july"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should You Buy or Lease Your Next Vehicle? - New England Trust<\/title>\n<meta name=\"description\" content=\"In Evanston, IL, Robard Flaremoor offers Financial Planning Services &amp; Financial Advice. \u2018Financial Services\u2019 from College Funding to Wealth Protection. \u2018Tax Services\u2019 include Tax Preparation, Tax Reduction, and Tax Management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/newsletter\/should-you-buy-or-lease-your-next-vehicle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Should You Buy or Lease Your Next Vehicle? 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