Leasing vs Buying
Lease vs Buy
WHICH OPTION IS BEST FOR YOU?
Not sure whether to buy or lease a new vehicle? There is no one-size-fits-all solution, but you can determine which option best fits your needs by considering various factors, including costs and your personal preferences or habits.
PROS OF LEASING
- Monthly payments are typically lower
- Repairs are typically covered by warranty
- No selling involved or haggling over trade-in value
- Option of a new car every few years if you continue to lease
PROS OF BUYING
- You own the vehicle once you finish monthly payments
- Vehicle is yours to modify or customize
- No mileage limits or penalties
- You can sell or trade in the vehicle at any time
CONS OF LEASING
- You don’t own the vehicle at the end of the lease and must return it, or buy the lease out if you want to keep the vehicle
- You may be required to have more insurance coverage than you want, as leasing companies have standards for what they deem acceptable
- Going over your yearly mileage limit will result in penalties
- Trying to end your lease early could result in penalties and/or fees
CONS OF BUYING
- Monthly payments are typically higher, because you’re paying off the entire purchase price in addition to interest, taxes, and fees
- Depending on how long you keep the vehicle, repair costs are a consideration it ages and is no longer covered by warranty
- Higher mileage will lower your vehicle’s trade-in value
- Your vehicle will depreciate, and it may not be ideal to try to sell it early if you owe more money in payments than the vehicle’s estimated trade-in value
WE CAN HELP!
Does leasing sound like the best option for you given your current situation? Or do you prefer to buy because you like to keep your vehicles and have their equity to use against a future vehicle purchase? Maybe you’re still unsure which path to take? We’re here to help! Give us a call at (315) 371-4138 or come see us at 5871 Rome-Taberg Rd, Rome NY, 13440 and one of our sales and leasing consultants will be happy to provide more information or answer any additional questions you may have.