Some individuals opt to own a car, while some individuals opt to lease. It all comes down to the individual and his personal needs. Differing from popular belief, leasing isn’t ‘renting’ a vehicle. Both auto lease loans and auto buying loans are 2 separate means of auto financing. Leasing a car simply means one is financing the utilization of it and when he gets an auto loan, he is financing the acquisition of the car. When choosing whether to lease or buy, one would want to think about all of his options. Both owning and leasing come with advantages and disadvantages. Eventually, it depends on what one feels is best for them.

According to Brian Ongaro, VP of Marketing and Sales for Boardwalk Auto Group, with regard to buying a car, one pays for the total cost of the automobile, no matter how long he keeps it or how much miles he puts on it. Monthly expenses are higher than when one leases a car. When one buys a vehicle, he makes a down payment, compensate the sales tax & then pay for the rest. At times, one could include tax and a down payment into his loan. One’s interest rate would be ascertained by his loan company. Sooner or later, one might decide to trade in or sell his car for its downgraded value.

If one decides to lease a car, he would only compensate for a fraction of the automobile, which is the part one would utilize during the time he has it. Quite often, one doesn’t have to pay a down payment when he leases and his tax is included in his monthly costs. There might be other fees he would be obliged to pay that he will not need to pay if he buys his car like a security deposit and lease fees. At the end of one’s lease, he could either return the car or buy it at a predetermined resale price.

The price of monthly lease can be much less in comparison to the price of owning a new car. For the same vehicle, same down payment and same price, monthly costs could be much less than loan costs – up to sixty percent lower. But the long-term charge of leasing would be substantially higher than the price of purchasing.

The main things to think about when one decides between buying and leasing, especially luxury cars such as Porsche, Ferrari, Maserati and Lamborghini, is one’s personal preferences. If one likes to drive a new vehicle every two to three years and he wants lower monthly expenses, leasing might be ideal. Just bear in mind, there’s a particular number of miles one would require to stay under when leasing and he would need to keep his vehicle regularly maintained. If one doesn’t mind higher auto payments, and he prefers to develop some equity in his car, then buying may be for you.

Do you want more information regarding the benefits and downsides of either buying or leasing a car? Well, just look for Brian Ongaro and his team at Boardwalk Auto Group to know more.

For more information on Brian Ongaro and the latest automotive industry updates visit http://www.ecademy.com/user/BrianOngaro.

For more information on Brian Ongaro and the latest automotive industry updates visit http://www.ecademy.com/user/BrianOngaro.

Author Bio: For more information on Brian Ongaro and the latest automotive industry updates visit http://www.ecademy.com/user/BrianOngaro.

Category: Business
Keywords: Boardwalk Auto Group