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Is it better to lease a car or buy with a vehicle loan?

Purchasing and leasing cars have long been viable car ownership options. Since COVID-19 led many of us to avoid public transportation for fear of contracting the virus, the demand for a car has risen exponentially. Due to a lack of personal transportation, many families have had trouble commuting in recent months. However, not everyone has the financial ability to own a car or is interested in keeping one for a long time.

Leasing a vehicle

In recent years, leasing an automobile has increased in popularity in India since it allows you to drive a new vehicle without taking out a vehicle loan or spending a large sum of money. It’s possible that you’ll simply have to pay a small fee and then pay the monthly for the life of the lease. At the end of the lease period, you have the option to extend the rental, return the car, purchase it, or trade it in for a new lease.

Advantages of Leasing

There is no need for a loan:

When you lease a car, you must make monthly payments. This varies from taking out a commercial vehicle loan and paying monthly EMIs in that the lease does not have to cover the total vehicle, whereas EMIs cover the entire debt plus interest. Furthermore, asking for a mortgage is a crucial step that is usually overlooked.

You can enjoy a new car on a regular basis:

This is possibly the most appealing aspect of car leasing: you get to drive a range of vehicles without needing to buy them at the end of each lease period. This is perfect for both car lovers and those who are indecisive about which model to buy.

There are no problems when it comes to selling and buying:

When you lease an automobile, you don’t have to worry about preparing it for viewing, vetting prospective investors, negotiating a price, or dealing with the title transfer after you’ve gone through with it. After your lease expires, the paperwork will be addressed by the dealership.


The following usage restrictions apply:

When you lease a car, you must follow the terms and conditions set forth by the rental agency, which are frequently stringent. This contrasts with the independence that comes with owning a motor. This means you won’t be able to improve your vehicle’s audio system, remove a wheel cover, or add a new accessory! Some companies also set a limit on how many km you can drive per year, and if you go above the limit, you’ll get charged.

Long-term costs:

A monthly lease of $15,000 might quickly add up to a score of a few lakhs in a year’s time. As a result, leasing only stands to reason if your usage will be restricted, you want to explore your car alternatives, or you don’t want to be tethered to the hassles of vehicle ownership.

Purchasing a vehicle

Buying a home is more challenging than leasing, but it is ultimately a rewarding process. You can buy a new or used car, you have a variety of brand and pricing options, you can select any model that meets your requirements, you can select the type of gasoline, and the options are virtually endless. A couple of the perks are listed below.

Advantages of Purchasing

Ownership of the car in its entirety:

It’s simple: once you buy it, you own it completely. Any modifications you make to your car, the amount of kilometers you drive, or the number of scratches you inflict are not your responsibility.

Easy EMI Options:

Although you must pay the auto dealer in full, easy EMI options are available. You can always take out a car loan with cheap monthly payments. If you have a good credit score, you can obtain a personal loan with an interest rate of 8% to 11% on new cars and about 14% on used cars if you have a good credit score. The EMI is frequently less affordable than the monthly bills on a lease.

With so many buying and selling sites available nowadays, it’s always feasible to sell it. After you’ve outgrown your current vehicle, you may always sell it for a decent price and purchase a new one. You’ll also have far more cash on hand than you had before purchasing the vehicle.

Depreciation Issues:

You’ve surely heard that the price of an automobile drops the moment it leaves the dealership. This is true for all assets, not just some of them.


Buying a car is only the beginning; it requires a lot of upkeep, all of which is expensive.

When it comes to car purchases and leases, credit ratings are quite important

Your credit score affects your chances of getting approved for a car loan as well as the interest rate you’ll pay. If you want to lease a new vehicle, you should have at least fair credit. Having your credit score before you begin the process, whether you’re selling or leasing, is important. Check your online credit score before you lease or sell to see where you stand and how you may improve it.

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