Believe it or not, but reports suggest that car sales are becoming stronger and stronger since 2014. The industry is looking at impressive numbers for the first time since the arrival of 2008 recession. Interest rates on new and used cars are low, and this scene is expected to remain the same during coming months. Market for cars, trucks, and crossovers seems good if you look at all the deals available. However, is buying new vehicle the best option for everyone? Here are some tips that can help in choosing between buying and renting.
Dislike driving same car for years? If so, opt for leasing option
If you are from one of those individuals who wish to drive different car after every few months, you should choose leasing option. But if you wish to drive your own car without any liability in the form of MONTHLY PAYMENT, you should consider buying your own car with short-term auto loan.
Sense of ownership
Buying a car means you ‘own’ it, after completely paying loan installment (if you opt for loan). You don’t have to worry about losing your car if you don’t have money. On the other hand, if you lose your full-time job, you probably won’t be able to pay car rental for more than two months, possibly, till you remain unemployed.
Rash drivers better buy their own car
Most of the cars leasing companies do not charge customers for normal wear and tear on the vehicle. However, they do charge customers for scratches, dings, and other damages. If you are rash driver, you should be ready to pay large fees for damaging the car while returning the same. To avoid these fees, people often repair all the damages before returning the car. So, it is better to buy your own car if you love to drive at maximum speeds allowed.
Consider your credit rating
SOME car rental service providers do consider customer’s credit score while renting their vehicle. They may also deny their service to someone who does not have credit score required to rent a vehicle. On the other hand, such individuals may still be eligible to get loan to buy their own car.
Buy secondhand car
Buying secondhand car can prove to be good option for individuals who have basic knowledge about a car that he or she is willing to buy. You can easily find secondhand Car dealers in almost every state these days.