Benefits of Buying a Car

June 1st, 2018 by
There are many benefits to buying a car as opposed to leasing one. Often times people are attracted to the “low costs” associated with the monthly payment on a car that is leased and fail to realize all of the other costs that are associated with leasing. There are benefits to leasing but, let’s look at the benefits of purchasing a vehicle of your own and how it ultimately is the best decision.

Ownership

One of the most obvious benefits or purchasing a car is that whether you buy it outright or finance it, at the end of the day, when you make the last payment, it belongs to YOU. When you buy using cash, you own the vehicle immediately and when you borrow in order to purchase, you are financing. As you make payments, your ownership of the vehicle increase and when the final payment is made, the car is yours and you are able to use it as you please.

Resale Value

A second benefit is the ability to sell if you are in a financial pinch. When purchasing a vehicle, if life happens, as it always does, you have the ability to sell the vehicle and recoup some of the value if necessary. While it isn’t something you want to plan on doing, it definitely is nice knowing that if push comes to shove and you are strapped for cash, you are able to sell your asset in order to take care of other obligations.

No Restrictions

Another benefit of buying a car is that there are no restrictions on mileage or usage. When leasing, you are usually limited to 10,000 miles and/or a time frame. If it is your daily driver and seeing a lot of miles, especially for those of us with long commutes, this is probably the best benefit of all. You may have to think twice about taking your leased vehicle out of town for a trip. Additionally, if you’d like to have it painted or change another aspect of the exterior or interior, you have the freedom and ability to do so without consequence.

Good or Bad Credit

One final benefit of purchasing a car is that you do not need to have excellent credit. There are many dealerships who take little to no down payments and work with the average person to be able to allow them to drive off the lot that day. It’s understandable that in today’s world, almost everyone needs a car, so to have a dealer or seller that is willing to work with you and understand that not everyone has perfect credit with regard to lending, is definitely another awesome aspect of purchasing a vehicle for yourself.

All in all, the benefits of purchasing a car are too numerous to count and those listed above just scratch the surface of all of the other benefits out there. The bottom line is that if you are in the market to get a new car, do not hesitate to try and buy, so that at the end of the day you have something that is yours.

Posted in Finance, Specials