Buying Vs. Leasing: Which One Is Right For You?

Signing Contract for New Car

When shopping for a new car, you have to think beyond the type of vehicle you want to get. You also need to decide if you want to buy or lease your car. Once you compare the two, you’ll know which one is right for your situation. Then you can head to a local dealership and pick out your new ride.

Monthly Payments

First, you should ask yourself how much you want to pay each month. When you lease a vehicle, you can expect to pay less each month. You won’t pay the full price of the vehicle when you lease it. Instead, you’ll pay the depreciation value and fees. That comes out to less per month when compared to financing.

With lower monthly payments, you can get a higher trim level when you lease. That means you can get a car with all the bells and whistles without going over your budget.

Mileage Limits for Buying and Leasing

If you buy a vehicle, you can put as many miles on it that you want. You don’t have to think twice about taking a cross-country trip since you don’t have any mileage limits.

However, the same isn’t true for leasing. Leasing agreements include mileage limits. If you go over the limit, you’ll have to pay a fee based on the excess mileage.

Thus, leasing is a good option if you can anticipate how many miles you’ll drive. However, if you want the freedom of driving as many miles as you want, buying is a better choice.

Wear and Tear

You have to take good care of your leased vehicle since you could end up paying for excessive wear and tear. However, you won’t have to pay for that if you own the car. It’ll be your vehicle, so you won’t be penalized if your kids decorate the seats with magic markers or your pup tears the upholstery.

Customization Options

Do you love customizing your car? If so, buying is right for you. You can add all the customizations you want.

However, you can’t customize a leased vehicle. You’ll need to return it in the same condition it was in when you leased it. If you turn it in with customizations, the dealership can charge you a fee.

Maintenance Costs

Leased cars are newer models that are still under the manufacturer’s warranty. That means you won’t have to worry about expensive repairs.

You’ll also get a manufacturer’s warranty when you buy a car. However, if you’re still driving it after the warranty is up, you’ll have to pay for repairs.

If you prefer to have a stress-free experience, leasing might be the right choice. Then you can continue getting new vehicles that are under warranty.

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End of Use Options

If you decide to buy a car, you can trade it or sell it when you’re ready to upgrade. On the other hand, you can return the leased car at the end of the term. The manufacturer also might allow you to purchase the leased car if you wish.

Some people prefer leasing because turning it in is easy. However, others prefer buying since they can get money for the car when they’re done driving it. Ask yourself which is more important to you before purchasing or leasing a vehicle.

If you would like to learn more about your choices, visit us at Doug Henry Ford of Ayden in Ayden, North Carolina. We can go over the prices and options for both and help you drive off in your new Ford today.