Should you Lease or Buy

Having a vehicle can make life much easier as you gain the freedom to go where you want when you want. It can also make life easier by giving you the ability to easily move large items, travel with kids, and of course, take spontaneous road trips. Whatever your lifestyle is, there is a car that can work best for you. Whether you love off-roading, speed, luxurious comfort, or just need an all-around epic hauler. Although one big thing to keep in mind besides just which vehicles is how will you afford it. While there is the option to outright buy a vehicle, all cash down on the table, many don't have the luxury of affording a new vehicle or even a used vehicle right off the bat. To help the majority out, there are other options available, like leasing or buying with a loan, but how do you know which is right for you?

 

Should you choose to lease?

By leasing a vehicle you will have access to many brand new vehicles at a much lower cost than having outright bought them. If you love the idea of having a brand new vehicle every two to three years, leasing may be the right path for you. With a lease, you simply sign a contract to pay the depreciation rate and staying within certain limits for mileage and care of the vehicle. Extra charges may occur if there is damage to the vehicle when the lease is up, if the mileage has gone over the agreed amount, or if you choose to end the lease early. However, overall leasing is still the cheapest way to own continuous new vehicles and if you ever choose to buy the vehicle, you may do so at any time.

 

Should you choose to buy?

Buying with a loan can make it much easier to own a vehicle without digging a big hole in your savings. By owning the car, you may have to worry more about depreciation costs, but any wear and tear or mileage added have no surprise charges added to your loan. This vehicle would then be yours to do with as you please. It may be more expensive up front for registration, down payment, and loans are typically more expensive per month than a lease, but in the end, the vehicle is yours for resale or trade-in value. You can also drive a bought car for as long as you like without worry of a contract ending and when the loan is fully paid for, you can continue to save equity for the next buy or lease.

 

Is it better to buy or lease?

This question depends on you. While in the long run buying a car is less expensive, you do have to keep up with your maintenance, registration, and taxes. A lease is more expensive and comes with more rules, but also allows you to own a brand new car every few years and try out multiple models in a shorter period of time. Either could be an excellent option, dependent on what your lifestyle is best suited to.

 

Are you interested in leasing or buying a new car? Come check out our inventory or give us a call today for more information. We would love to help you figure out which is the right choice for you!