Buying vs Leasing

4-25-2016

When you choose SouthTowne Motors for a new vehicle, you have the option to buy or lease. When you buy a vehicle, you finance it for a number of years until it’s paid off – or you can pay cash if you have a lump sum sitting around, though not many people do. If you like a new vehicle every couple of years, you might want to lease.

Buying a Vehicle

If you drive more than 12,000 to 15,000 miles per year, depending on what the cap is on a lease, you could be charged up to $0.35 per mile if you go over that number of miles. Those who know they are going to drive over the mileage cap for a leased vehicle may want to buy a vehicle or have a second vehicle to put those extra miles on.

When you buy a vehicle, you can personalize it without facing a penalty. If you add something to a leased vehicle, you’ll have to remove it and put it back to how you purchased it or you will be charged for the changes the dealership makes to change the vehicle back to its original condition.

And, if you like to see the payments disappear to not have them again for a while, you’ll probably want to buy a vehicle instead of leasing it. Also, if you keep your vehicle in good condition and don’t mind keeping it for at least five years, you’re more likely to buy.

Leasing a Vehicle

When you lease a vehicle, you’ll be capped as to the number of miles you can put on the vehicle during the year. You won’t be able to make any major changes to the vehicle to personalize it, and definitely won’t be able to make permanent changes without getting charged.

However, with a lease, you’ll get a new vehicle every two to three years and the vehicle stays under warranty if the warranty expires at the same time as the lease. If you prefer to drive a vehicle that is more expensive than what you could typically afford, leasing allows for lower payments, so that you can drive more vehicle for the money. Often, leasing also affords you a smaller down payment.

Visit SouthTowne Motors

Stop by SouthTowne Motors to test drive a new vehicle and to discuss finance or lease options with your salesperson.

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