Should I Lease or Buy?
Should I Lease or Buy?
To lease or to buy – that is the question. At least, it is when you’re picking out a new car. Both options have their upsides, but the financing method you choose really depends on you. Are you interested in making payments until you own a vehicle outright? Or do you think it would be better to drive a new car for a few years and then trade it in for another new car? Read on, and we’ll help you figure out what kind of shopper you are.
Should You Buy a New Car?
When you buy outright, you’re most likely planning to drive your new car for years to come. Owning a brand new car comes with plenty of benefits. You get to choose the trim model that speaks to your need for luxury and add any convenience features that fit your unique lifestyle – like a rear-seat DVD system to entertain your kids. And, when you take your new vehicle in for regular maintenance, you bolster performance as well as its future trade-in value.
Financing a new car is relatively simple. Normally, buyers make a down payment toward a loan, and, from there, they make monthly payments until the loan is paid off. And, once you’ve paid off your loan, the car is yours, free and clear.
Should You Lease a New Car?
Leasing is also a good way to go – especially if you prefer to trade your car in every few years for a new model and don’t mind making monthly payments. Because you only drive your leased vehicle for a short period, it’s unlikely that you’ll ever have to worry about making any major repairs. And, of course, you get to look and feel stylish in your perpetually new car.
Leasing a new car means paying an acquisition fee, the first month’s payment, taxes, and a security deposit before you can drive it home. You don’t actually own the car, so you’re going to have to pay these fees again when your lease is up and it’s time for another new car. In addition, you must keep the mileage under a certain agreed-upon number or you’ll face additional fees.
Once they get the lay of the land, most drivers immediately know whether it’s better for them to buy or lease. But there’s really no right answer – the option you choose depends on your budget and unique lifestyle.
If you decide to buy a new car, you can choose from a range of financing options. Buyers with decent credit can shop around for a great interest rate. But, even if you’ve got bad credit or no credit, you’ve still got options here. At our friendly dealership, we’ll help you get financing, no matter what your situation. Our knowledgeable team can work with you to obtain financing that suits your budget.