What Are the Advantages of Owning a Car?

Thomas Barwick/Taxi/Getty Images

Owning a car has several advantages, including eliminating long-term payments associated with leasing vehicles and giving owners the opportunity to accessorize and customize vehicles. Once purchased, car owners can sell vehicles at any time after paying off any residual fees. Additionally, owners do not face limits on mileage when driving cars as is common with leased vehicles.

Owners purchase cars either new or used. Some cars come from individual sellers, and others from car manufacturers or dealerships. Purchasing from any seller comes with benefits and drawbacks. Dealerships, for instance, often offer warranties to customers and even provide some basic services, but may require a substantial down payment at the time of purchase.

Leased vehicles often come with higher insurance rates than cars purchase outright. Additionally, some entities place limits on mileage, and require drivers to pay fees for exceeding those limits. Owning a car, in contrast, reduces insurance rates and allows the freedom of having fewer driving restrictions.

Owning a car also relieves owners from the constant worry and financial punishment or minor mishaps, such as coffee stains and torn car mats. Some people choose to lease cars to ward off repair bills, although entering into a long-term leasing contract and driving a car for an extended time often makes paying for repairs unavoidable.