When looking for a new car, SUV or Truck do you have the primary question on your mind: Should I buy vs. lease? Choosing between leasing and buying a car can be tricky, with factors to consider including:
- Cost
- Convenience
- Warranty coverage
- Flexibility
- Technology
If you're not sure whether to lease or buy a car, take some time to read through the benefits of each option.
The Benefits of Leasing
Leasing is much like renting: you pay monthly installments over a set period, then return the vehicle when you're done.
Benefits of leasing a car include:
- Lower Payments: Monthly payments cover the vehicle's depreciation (plus taxes and fees) rather than its entire value. Additionally, its future value doesn't affect you.
- Technology: Since you'll likely change vehicles every three years or so, you'll never be too far behind the latest features.
- Warranty: Lease terms almost always last the length of bumper-to-bumper warranties, though you may be charged for excessive wear and tear.
The Benefits of Buying
While leasing is like renting, buying is much like getting a mortgage. Your monthly payments cover the car's entire value.
Benefits of buying a car include:
- Ownership: The cost of buying might be higher, but you'll at least end up owning something. You can then sell it when you want to move on.
- Flexibility: Lease deals prohibit you from customizing the vehicle and only allow up to a set number of miles each year. If you buy a car, you can do what you want with it.
- Freedom: You can sell your car whenever you want, even right after leaving the lot. When you choose to end a lease early, cancellation charges can come into play.
Leasing vs. Buying a Car
There are strong arguments on both sides, so the answer to leasing vs. buying a car usually depends on personal circumstances.
- You should lease if you value convenience, like keeping up with the latest vehicles while keeping your costs down.
- You should buy if you like making investments, being able to change whatever you want whenever you want, or are more likely to be driving from longer distances than just work and the grocery store regularly.
Still have questions? We are here to help! Contact a Leasing Specialist in our Sales Department today at 740-617-8407
