To Lease Or Purchase A Vehicle?

One of the most common questions people ask themselves when they are shopping for a new car is, "Should I lease or should I purchase?"  If you have never leased a car before, you probably have a lot of questions!  While leasing may not be the best option for everyone, it does have its advantages over purchasing and financing a vehicle. 

For those of you who are weighing your options, here are some perks to both leasing and financing:

Leasing Advantages

 Financing Advantages

Vehicle Is Always Under Warranty

Own Vehicle Outright At The End Of Financing Terms

The factory warranty is a 4-year/50,000 miles warranty and a typical lease term is usually 3-year/30,000 miles.

After the car is paid off, it's yours as long as you choose to keep it!

Get A New Car Every Few Years!  Or Choose To Purchase

 Lower Total Cost Of Vehicle

At the end of a lease you can trade in the car for a new model year.  Or, you can choose to buy it outright for the residual value.

If you keep your vehicle for 7+ years, the cost will be lower in comparison to buying out the car at the end of a lease.

Low "Down" Payment And Monthly Dues

No Mileage Restriction

Upfront and monthly payments are less than what might be required for financing. 

It's your car, drive it as much as you please!

Flexible Terms

Flexible Terms

Lease from 24-60 months and have the option to extend the lease terms.

Make payments from 24-72 months and have the option to stretch the term result with higher interest rates, but lower payments.

 
The first question you should ask yourself when deciding whether to lease or finance your new car is, "How long do I plan on keeping this car?"  Next, ask yourself, "How quickly do I get bored of my car?"  Once you have the answers to both these questions, it is important to calculate the overall cost of each option.  This process will help you evaluate if leasing or financing is best for you.

Do you have feedback about leasing a car?  Leave a comment and share your experience.  Have more questions concerning this topic?  Feel free to call anytime, or leave us a comment on Facebook or Twitter.  Want to read more?  Check out our lease and finance specials.

Categories: Finance, Rental

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