Hudson - Litchfield News August 26, 2011 - 7


“Kn w Y ur Car” Love It or Lease It


tions are buying and leasing. Each has its distinct advantages and disadvantages, and buy- ers should consider the pros and cons of each before making a com- mitment.


Benefits of Buying Buying a vehicle, even in the current economic climate, still has many advantages.


Before signing on the dotted line, shoppers should consider the benefits to both buying and leasing and determine which is the best fit for them.


Shopping for a new vehicle can be as agonizing as it is exciting. Though it can be fun to find and drive a new vehicle, it can also be nerve-wrack- ing, particularly if the vehicle has a high price tag. As any buyer knows, there are always options when it comes to finding a new car. Those op-


* Ownership. Owner- ship is often the most discussed benefit when deciding to buy or lease a vehicle. For those who will finance the car, once the terms of that agreement have been met, the car is now an owned asset. The same thing goes for


anyone buying a pre-owned vehicle and paying for it upfront. The fact that the vehicle is an asset is a security blanket. In the case of unexpected financial hardship, for instance, the vehicle can be sold, whereas a vehicle on lease cannot.


Monthly AUTO SECTION


Benefits of Buying and Leasing Vehicles “Kn w Y ur Car” Benefits of Leasing


As beneficial as buying can be, that’s not to say leasing doesn’t also have its advantages. * Commitment factor. When leasing a vehicle, the financial commitment is not as big as it is when buying. Many lease agreements have something similar to down payments known as capital cost reduction payments. These are often small and don’t affect the monthly lease payment,


The Extended Drain: How Far Can You Really Go Between Oil and Filter Changes?


For years, the 3,000 mile mark has been touted as the optimum interval for changing your motor oil and filter. It’s also an oil change interval that contin- ues to be encouraged by the automo- tive oil change industry. Automobile manufacturers, oil filter manufacturers and lubricant manufacturers are now saying that you can safely extend oil drain intervals, saving you time, money and reducing the impact on the envi-


ronment. Breakthroughs in lubrication and fil-


tration are two reasons why oil change intervals can safely be extended. Numerous factors come in to play in determining the oil change interval you should follow, including whether your car is under warranty, the car’s condi- tion, the way you drive it, as well as oil and filter selection. Every automobile manufacturer


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establishes a recommended oil change interval for each model they manu- facture. Oil change intervals are now typically 5,000 to 7,500 miles for many new cars. You should follow your car manufacturer’s recommendations on oil and filter change intervals while the car is under warranty. If your car is no longer under warranty, you can extend your oil change and filter intervals by upgrading to a high quality synthetic motor oil and high performance oil filter. This will reduce the number of oil changes, saving you time and money while reducing the amount of oil purchased and disposed. There are a number of quality synthetic motor oils available from which to choose. High performance synthetic motor oils such as Royal Purple, Mobil1, etc., typically have much greater oxidation stability than conventional mineral-based motor oils. Most lubricant manu- facturers will give a recommended number of miles you can drive between oil changes under normal conditions. If you elect to upgrade your mo- tor oil, you should also upgrade your oil filter. Inexpensive filters are typically made with the 3,000 mile interval in mind. These filters often use low-quality paper media for fil- tration and they deteriorate rapidly


* Depreciation. While it’s true a car depreci- ates tremendously in value the moment it’s taken off the lot, that’s only half the story. Much of a vehicle’s value depreciation is in its early life. That depreciation slows as the car ages, especially if the car is well taken care of. The longer a driver owns the car, the lower the depreciation expense will be. On the contrary, when leasing a vehicle, the individual is often paying the most for the high rate of early-life depreciation, an expense the dealer accounts for when determining the monthly lease expense or down payment if there is one. * Insurance. Lease terms often mandate extensive insurance coverage, or what’s commonly referred to as “full coverage.” This can prove costly. How- ever, drivers who own their vehicles (financing often requires extensive coverage as well) outright have more freedom to pick and choose their coverage, which can greatly reduce their annual insurance bill.


Monthly AUTO SECTION


whereas a small down payment when buying could greatly affect the monthly payment, result- ing in a higher interest rate and higher monthly commitment. The commitment factor also extends to how well a driver likes a particular vehicle. Lease terms can be as short as 12 months, allowing for drivers to change cars after just a year should they discover they don’t like the car. When financing or buying outright, opting out is substantially more difficult, forcing owners to either sell the car or attempt to work out a deal with the institution that made the loan.


* Monthly cost. When leasing a vehicle, a buyer’s monthly payment will be lower, and in many cases substantially so, than if that buyer were to finance. This allows for more financial freedom. * Reliability. There is typically very little risk


when leasing a vehicle as to that vehicle’s reliabil- ity. The manufacturer’s warranty might not have expired yet and because of mileage restrictions common to most leasing agreements, the vehicle likely has not experienced any significant wear and tear. When buying a car, particularly a used car from a private citizen, the warranty is typically expired and there’s no telling how much wear and tear the vehicle has gone through.


Upgrading your motor oil and oil filter can allow you to go further between oil changes.


after 3,000 miles. There are a number of new high performance premium oil filters on the market from manufacturers such as Royal Purple, Wix and K&N. These filters are made for extended oil drain intervals. For example, Royal Purple uses a proprietary long-life, micro- glass media that provides protection for 12,000 miles. It also provides an increased level of protection due to the density of the filtration. You can find out more at www.royalpurple.com


If your car is still under warranty,


stick with the car manufacturer’s rec- ommended oil change intervals. If your car is no longer under warranty, you can go beyond the typical 3,000 mile oil change or beyond the oil change monitor’s recommendations by upgrad- ing to a high performance synthetic motor oil and high performance oil filter. Just be sure to check recom- mended change interval for both the oil and filter your purchase.


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