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(ARA) - The next time you're in the market for a new car should you buy or lease? It all depends on your personal needs.
If you need to improve your credit status and have high mileage-per-year needs, buying may be the way to go. If you're worried about cash flow, and really only need the vehicle to get the short distance between home and work every day, leasing may be the answer. Log on to www.harborcredit.com for quotes that will help you decide which option is best for you.
While most car buyers (4 out of 5) finance or pay cash, they may change their minds once they realize all the short-term benefits leasing provides. They include the following:
* Lessees don't have to worry about owning a depreciating asset.
* Drivers don't have to deal with hefty maintenance bills.
* With a car in good condition, under the mileage limit, lessees can simply return the car.
* In a time of high interest rates, a lease may offer lower monthly payments, especially with good credit.
* Consumers can enjoy purchasing flexibility - after a lease term, pick out another car. It's like a three- or four-year test drive.
* Lessees will always have the latest safety and technology innovations on the road.
* Lease plans are rarely 60-month terms - this is common with finance periods.
* Many consumers can drive away with the latest model, even a luxury car, with less cash upfront.
* If you're self-employed, you can write off your leasing payment as a business expense.
If you decide to buy rather than lease here are the benefits you can expect:
* Steady repayment can build equity.
* You avoid the repetitive cycle of renegotiating short term leases.
* You can bask in the comfort of driving a car - your car - without the restrictions of a short term lease.
* There is an end to your monthly car payments - leasing offers no such relief.
* Financing a car means never having to worry about mileage limits.
* Future car owners can also worry less about wear-and-tear.
* At the dealership, shoppers looking to finance will enjoy large cash rebates and low-interest financing.
For help making a decision about which route to take, log on to www.harborcredit.com to get free quotes from lenders in your area.