Owning a car is not easy in this century as we have options and where there are options there is a right to choose but finding what is best for us is quite difficult. So, here we will make it easy for you by describing and comparing buying, leasing, and subscription; then it will be easy for you to decide which option is best for you. Let’s get started
Car Buying
The oldest way of owning a car is by buying it. You can buy it by visiting the dealer or ordering it online. Owning a car means you can do whatever modification you wish. Plus, when you want to plan to switch it you can pass it to your children, family, or friends. When you buy a car there are different fees come along with its invoice price and the maintenance and hassle is on your heard.
When you should buy a car
- If you want that car for a long time
- If you want to customize the car
- If you want financial freedom
- If your driving results in excessive wear and tear
When you shouldn’t
- If your credit is low although now there are various way to get a loan with bad credit APR is high on it
- If you are at a temporary place
- If you can’t find the perfect one
- If you are planning to have it for a short time
Car leasing
Car leasing generally lasts from 36 to 72 months then you have the option to either buy it or lease another one or you can stop it there. In this, you have to pay a down payment and monthly payment as per the rate agreed till the end of leasing. The fees don’t include paperwork fees, title, tax, and maintenance that you have to pay, and mileage is also fixed if you exceed it you have to pay it. The monthly rates are not so high so it attracts young buyers.
When you should lease a car
- If you want low monthly payments
- If you want a car for a few years
- If you want to drive a luxury car but can’t afford to buy it
When you shouldn’t
- If your driving record is not good
- If you have pets or smoking habits as it results in paying a penalty for it
- If you like to modify your car
Car subscription
Car subscription is like paying for online streaming shows, pay it till you use it otherwise end the subscription. Similarly, pay for using the car; in this, an all-inclusive has to be paid every month in which maintenance, insurance, and other services are included plus no down payment. It is the cheapest way of acquiring a car; the miles are fixed just like leasing and if there is excessive wear tear then you have to pay it. The great advantage of having a car through a car subscription is you can swap the car every year.
When you should take car subscription
- If you change your car in a short period
- If you like to drive new cars
- If you are planning to get a car for a short time
- If you want a car temporarily
- If you want a car as per season like for summers sports and winter SUV
When you shouldn’t
- If you want ownership of a car
- If you want to do modification to the car
- If you can use public transportation then don’t go for having a car
Which one is better?
Car buying, leasing, or subscription all three are ways of owning a car and your situation, credit score, and time period play a vital role in choosing one of them. Whatever you choose it must fulfill your requirements and that is better for you among these three.
