Buy a new car vs. lease a new car - you're certainly not the first person to face that decision. With compelling advantages on both sides, you really shouldn't be concerned with picking the perfect option. All you need to do is read through this list of pros and cons and ask yourself which choice would best suit your needs.
Pros and Cons of Buying
- Pro - You're Investing: Buying a vehicle is like getting a mortgage: it might be a more serious investment, but it will be all yours once you're done paying your installments.
- Pro - You're Unrestricted: When you buy a car, it's all yours. You can put as many miles on the odometer as you want and make any changes that take your fancy.
- Con - You'll Pay More: Buying means that monthly payments cover the entire price of the vehicle, so expect them to be higher than with leasing. You'll also be liable for repair payments when the warranty runs out.
- Con - You'll Sacrifice the Latest Features: If you plan on keeping your car for some time, you'll miss the newest comfort, convenience, safety, and efficiency technologies.
Pros and Cons of Leasing
- Pro - Lower Payments: When you lease, payments only cover the amount the vehicle will depreciate as you drive it, so monthly installments should be considerably lower.
- Pro - Added Convenience: At the end of your lease term, just come in and upgrade to the next model.
- Pro - Finest Features: Most lease terms last around three years, so you'll never be too far behind the curve when it comes to the latest features and engineering.
- Con - Only Renting: When you lease, your payments aren't building equity in anything.
- Con - Restrictions Apply: Lease terms will keep you to a certain number of miles each year. That's fine for most drivers, but perhaps not fantastic if you frequently drive longer distances.
Let Us Help You Decide Between Leasing and Buying
If you're still not 100% percent sure whether leasing or buying is right for you, just contact Dean Arbour Ford of Tawas. Our financing team is always ready and waiting to help, and we can even value your trade online. For further assistance with deciding between buying or leasing, or even if you need help getting a car loan with bad credit, feel free to visit our showroom-you'll find in Tawas City, serving all of Iosco County and beyond.