At the start of a New Year, many drivers decide on upgrading their current vehicles. Perhaps they received an end-of-year bonus from their employer or perhaps anticipated a tax return to help. With the current stateof the economy, many drivers are a bit hesitant to make a big purchase. But there could be an advantage to buying as opposed to leasing.
(originally published March 2021) You might be wondering whether what are the advantages of buying your Volkswagen rather than leasing. The two options are confusing. Ease your worries today as we provide you with a guide for helping you decide the right choice.
Buying a car means you have to pay its total cost by cash or take up a car loan. When you lease a car, it means that it only belongs to you for a specific period. Leasing allows you to pay an agreed amount of money per month. You only pay for the time you’re using the car. Generally, it is helpful to buy a Volkswagen car rather than leasing. Owning your own car and having control over it with flexibility is bliss. Let’s delve deeper into the advantages of buying a Volkswagen vs. leasing.
When you buy a Volkswagen, you own it. You can keep it as long as you want once it’s paid off wholly. If you choose to via installments, your monthly payments become higher than leasing. Yet, owning the car gives you the privilege to make any changes you wish to it.
A leased Volkswagen can never become yours. Note that you can never build equity with the leased car. Car leasing boasts a large termination fee. If you find pleasure in changing cars and moving with the current trend, car leasing can best suit you. Otherwise, Buying Your Volkswagen is more helpful than leasing. It gives you ownership rights and helps in building equity.
How many miles do you drive? If you drive more than 16,000 miles, then buying a car might be the game plan. You can drive as many miles as you want.
When it comes to leasing, you can only drive the stated number of miles. Once you exceed the greatest miles given, you risk buying more miles or terminating the lease. Buying more miles becomes more expensive since you bear extra costs.
Once you buy a new Volkswagen, its depreciation begins once you drive it away from the lot. Owning the car gives you the selling power after years of usage. Even though it would have gone many mileages, it can still sell at a good price.
As for lease, you cannot resale your car. In fact, you return it to the leaser after the lease agreement expires. But you should pay attention to the lease car mileage restrictions or wear and tear. As earlier mentioned, excess mileage covered may cost you extra money.
End of Payments
Buying Your Volkswagen means that you have to pay the entire amount as stated in the contract. After payment of the total amount, you’re done paying for good. Even if you took a loan to buy the car, the institution recognizes you as the vehicle owner.
When it comes to leasing, you continue paying an agreed sum of money until the lease comes to an end. You cannot claim ownership of a leased vehicle. The vehicle belongs to the lessor. Unless the lessor wants to sell the car to you after the leasing agreement.
Buying your Volkswagen gives you the right to change it. You can follow your taste and preference and;
- Repaint it
- Add speakers
- Add exhausters
- Change headlights
- You can do anything you want with the car, provided it’s legal
Leasing a car limits, you from modifying it. You are only allowed to use the car as it is. If you change it to suit your needs, you risk voiding your warranty. The owner may charge you more for making changes to the car. The lessor can only do modifications after terminating your lease contract.
Buying your Volkswagen might be cheaper in the long run. Once you’re done paying for it, you need not part with more money. The only costs incurred are repairs and maintenance. As per leasing, you end up spending more money in the long run. Note that you bear the cost of repairs when the car is under a lease. Anything that happens to the car while on lease falls on you. The lessor only deals with maintenance costs. Unfortunately, you cannot do anything with a leased car that can help you recover your costs.
Settling on whether you’re better off buying your Volkswagen, or leasing one lies on a rigorous assessment of your annual budget. Your driving nature also counts. If you can afford to buy a car, then it might be the best choice for you. It is clear that buying a Volkswagen car is cheaper and more convenient than leasing. You save a lot of money in the long run. Being the owner also allows you to change it to suit your needs. You can also drive as many miles as you wish and even resale it later on.
If you’re looking to finance your next Volkswagen, you can start the process online, or simply come by and visit.