Lease vs Financing – What’s the Best Option for a Luxury Car?

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Luxury Car

If you are looking for a great luxury car, then you are probably exploring your purchasing options. Unless you want to buy the car cash, then you have the option between buying a vehicle or leasing one. You also have the choice between buying a new or old vehicle. All of these options have their pros and cons, and you need to know what those are before you make your decision as it may affect you and your finances for the years to come. Let’s take a close look at each option and see what could work for you.

Buying a New Luxury Car

Buying a new luxury car is the best option if you want to be the first one to drive that vehicle. The vehicle will be yours to sell, and shouldn’t have too many mechanical issues. And if it does, then those issues should be covered by your warranty.

The biggest issues with buying a brand new luxury car are the price tag and depreciation. We can’t see too many reasons for someone to buy a new luxury car unless they absolutely can’t imagine driving a car someone else drove or if money is simply not an issue. If you don’t fall under these two categories, buying a used car or leasing might be a better choice.

Buying a Used Luxury Car

Buying a slightly used luxury car is usually the best option for the average luxury car buyer. It allows them to get a car that is still under warranty for a fraction of the price. As you may or may not know, luxury cars depreciate much faster than your average car, and you’d be a fool not to take advantage of it if budget is a concern for you.

The only issue with buying a used luxury car is repairs, so you will need to find a mechanic. Be very careful with who you buy the vehicle from, especially if you were thinking of getting a luxury supercar. There are relatively few mechanics that know how to repair these cars.

If you live in Florida, then you’re in luck as it has one of the highest quotas of luxury car dealers and mechanics per square mile. If you’re looking for a great exotic car mechanic in the area, the European Exotic Center is a great place you could try. 

Leasing a Luxury Vehicle

Leasing a luxury vehicle could be a smart choice if you want to limit your monthly cash flow hit and not have to worry about massive repairs. Unless you cause physical damage to the car, then most repairs should be covered by the warranty. Leasing also takes away the hassle of selling the car once you’re done.

But that benefit can also be a disadvantage. Some people like the idea of owning something, and supercars can go on an up and down cycle as far as depreciation goes, so you could miss out on some profits if the car gets elevated to vintage status. You also don’t know if you’ll fall in love with the vehicle at the end of the day and keep it as part of your collection.

As you can see, deciding between buying or leasing a vehicle is not always easy. Make sure that you look at all of your options and choose wisely.

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