Is buying right for you? Or do you prefer to lease? Most likely you're on the fence and don't know the benefits of each. If you're not sure, we've put together a list of features to show you which is more representative of buying or leasing. After you've made your way through our list, please call us directly at 855-457-8435 so that we can assist you further.
FEATURES
BUYING
LEASING
Requires less money upfront, a lower down payment
Protection from potential negative equity, if your vehicle loses value it's not held against you
Lower repair bills due to being almost entirely within the manufacturer warranty periods
Only pay for time in which the vehicle is in your possession
Once the vehicle is paid for in full, the title and the vehicle are 100 percent yours
You have multiple options at the end of your agreement with the dealership
Typically require longer financing terms to reach lower payments
The consumer takes on all of the risk of unforeseen depreciation
Must pay the total cost of using the vehicle, even if upside down
Once vehicle is paid off, if leased, then purchase after lease term ends, you are free to sell the vehicle at any time
Never have to worry about mileage limitations
Insurance costs are generally lower
Lower monthly payments for new vehicles
No upfront sales tax fees
Can still be financed by some lenders even with low credit scores
If vehicle is used only for business purposes, you can claim tax deductions
