The insurance rates on purchased cars are also lower than those on leased vehicles. Purchasing, on the other hand, may be better for those folks that do put a lot of miles on their car (via a long commute, for example), since there are no mileage limits and penalties like those associated with a leased automobile. This not only enables you to drive a new car with updated features and styling, it also limits many of the maintenance costs you would be subjected to by driving and maintaining an older vehicle. At the end of the lease term, you can return your car and lease (or purchase) another new model. Leasing may also be a good option for those that prefer to be driving the “latest and greatest” automobile models. When you lease, you have a mileage limit, and, if you go beyond this, you pay a additional cost for each mile that exceeds this. In general, leasing may a good option for people that don’t put a lot of mileage on their cars. For example, how important is it to be driving a (relatively) new automobile, with the latest features and styling? To make the decision even more complex, there are both financial and qualitative factors that come into play. How much mileage do you typically put on your car over a year? How long do you normally keep cars that you purchase? The answers to questions like these will greatly influence which decision is the right one for YOU. The best decision really depends on the specific needs and desires of you, the acquirer. This is one of those classic decisions for which there is no absolute “right” answer. When you set out to acquire an automobile, you are faced with the “lease vs.
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