Should you lease a new car or buy a used vehicle?

Nov 19, 2020

Man, Woman, and salesperson looking over paperwork on a dealership lot

Benefits of buying a used car vs leasing a new model

One of the decisions that has to be made when shopping for a vehicle is whether or not you want to buy new or used. For most drivers, that decision comes down to finances. A new car is much more expensive than a pre-owned vehicle, and that fact pushes drivers toward buying a used car instead. However, something that isn’t considered very often is if it is a better value to buy a used vehicle or lease a new one.

Leasing a vehicle is a lot like paying rent. You’re supposed to keep the car in excellent condition, you’re able to trade it in for a newer model when your lease is up, and you don’t have to worry about dealing with maintenance as the vehicle ages. On the other hand, when you choose to lease instead of buy, you don’t own your vehicle at all, and so after your lease is up, you’ve paid your monthly installments with nothing to show for it. While owning your vehicle is one of the biggest benefits of buying a used vehicle, here are some other reasons to buy a used car over leasing a new one.

[Related: When is a car too old to buy?]

Why buy a used car?

When you lease a car, you are restricted to the terms of your lease. In many instances that includes a maximum mileage. If you are planning on driving a far distance, leasing a vehicle could end up costing you more, since going over your maximum mileage generally leads to additional charges. You also have to leave the car in like-new condition, since it will either be sold or re-leased when you’re done with it. On a used car, you can customize any way you want, whether that includes adding a new sound system or putting on crazy mods. Drivers of a leased car might feel like they have an advantage since brand new vehicles often have the latest technology and safety features but used car buyers can find plenty of models that provide access to technology like Apple CarPlay and Android Auto, and many of the same safety features as a new vehicle.

While a lease is generally less expensive than a new vehicle, you can find a variety of reasonably priced used vehicles at OkCarz, with plenty of options for financing, no matter your financial situation. Visit one of the five OkCarz locations in Florida, or view the used car inventory online to find the vehicle that is perfect for you.