Buying vs. Leasing a Car: Which Is Better?
Is it Better to Buy or Lease a New Car?
Shopping for a New Car? Here’s What You Need to Know
Getting a new car is a big decision, no matter how you look at it. But that brings up a big question: should you buy or lease? Both routes have their positives and negatives. Below, we’ll take you through those pros and cons and explain why you might choose one route vs. the other, all depending on what you’re looking to get out of a new car.
No matter which you choose, the top car dealership in Ft. Pierce has to offer, Arrigo CDJR Ft. Pierce, is here to help you buy or lease your next vehicle. Stop in to explore our wide selection of Jeep, Ram, Dodge, and Chrysler vehicles and find the next car of your dreams.
The Benefits of Buying a New Car:
Buying a car is the first option most look at when it comes to getting a new vehicle. After all, wouldn’t you rather own your vehicle than borrow it? The easiest comparison is purchasing a home vs. renting. When you obtain an auto loan and purchase your car, you’re able to modify that car as you please. With a lease, you can’t.
Another benefit of buying a car is that once you’ve paid that car off, it’s yours without the need to make payments. With leasing, you typically bounce between leases constantly switching to a new car. That can be a benefit to some, but to others looking to minimize their overhead, it can mean just another monthly payment over the long run.
You can also drive as much as you want when you buy your vehicle, compared to the mileage limits on a lease. And when you’re done with it, you can sell whenever it fits you best and use it as trade-in fodder for a new car.
However, that doesn’t mean it’s all sunshine and rainbows. When you purchase a loan on a new car, you pay a higher down payment. Plus, you typically pay more monthly than with a lease. You’re also responsible for repair costs when your warranty expires, typically long before you pay off the vehicle.
The Benefits of Leasing a New Car:
Leasing is always an attractive offer because it means lower monthly payments. The brunt of the cost of a new car is always the monthly payment, so that gives an immediate notch in the leasing corner. While you may have been able to afford the basic trim through purchasing a loan, you might be able to move up to a premium trim or go with a whole different model through the lower payment you’d get from leasing.
Another big benefit is the fact that, when you’re approved for leasing, it’s easy to get a fresh new vehicle every few years whenever you feel like trading up to the latest model. On that note, though, it tends to be harder to be approved for leasing than for car loans.
With leasing, you also generally have lower repair costs because you’re included within the vehicle’s factory warranty. You also don’t have to deal with the trade-in hassles when getting a new vehicle or being surprised when you find out your vehicle’s value has depreciated faster than you expected.
Leasing has its own fair share of cons, though. Besides the credit requirements typically being higher, at the end of the lease, you don’t own the car. With that said, you do typically have a lease-to-own option on your lease deal where you can purchase the car at the end of your car lease, nullifying this.
The biggest negative is that you could pay more in the long run because you’ll always be making a lease payment. That’s assuming you don’t purchase a new car every few years if you were to purchase a new loan, which many do regardless. It’s also important to consider how much driving you do. Typically, leases limit your driving to around 12,000 miles. If you do more than that in a year, a lease might not be an option, unless you’re willing to purchase extra miles.
Questions to Ask Before You Buy or Lease Your Next Car
Before deciding whether you should purchase or lease your next car, consider these points to make the most from your next vehicle:
- What is my budget?
- How many miles do I typically drive in a year?
- Will I require regular maintenance?
- Do I want to make modifications to my vehicle over time?
- Do I prefer to have a new model every few years, or pay off my vehicle and get rid of the monthly payment?
Explore Your Options at Arrigo CDJR of Fort Pierce, FL
At Arrigo CDJR Ft. Pierce, we want to help you find the perfect vehicle for you, at a price you can afford. There’s no car dealership Ft. Pierce trusts more than Arrigo CDJR Ft. Pierce.
If you’re not sure whether purchasing or leasing your next vehicle is the right choice, our team of helpful sales representatives can help you make the right decision for you and your life. We’re proud members of the Morgan Auto Group and pride ourselves on delivering the highest standard of customer satisfaction possible.
So, stop in to explore our huge selection of new Jeep, Dodge, Ram, and Chrysler models and talk to our experienced sales and finance teams so we can get you into your dream car today. We proudly serve drivers throughout the greater Fort Pierce area, including Stuart, Port St. Lucie, Vero Beach, FL and beyond.