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To lease or finance? That is actually the question

To lease or finance? That is actually the question

Leasing vs buying

The age-old question of whether to lease a vehicle or buy one has troubled consumers for years. Both options have their advantages and disadvantages, so it’s really up to the consumer to pick which option works with their lifestyle.

A good rule of thumb is to think about your long-term intentions for the vehicle. If you’re one of those people who drives a car until it literally stops running, you may be better off financing a vehicle. However, if getting a newer, flashier vehicle and using that vehicle for a short amount of time is appealing, you my friend should consider leasing a vehicle.

Leasing agreements tend to have lower monthly payments than financing a vehicle, but the biggest thing to remember is that at the end of the lease, you have to give the vehicle back. If you finance or outright purchase a vehicle, that vehicle is yours.

It is commonly thought that purchasing a vehicle is less costly in the long run than leasing a vehicle, so that’s another thing to keep in mind. You should also take into consideration that if you have a vehicle to trade in, depending on dealership rules, that may count toward a leased vehicle.

Leased vehicles often times have limits as far as how much you can drive them within that lease period. Most leases cap the amount you’re able to log on the odometer at 10,000 to 15,000 miles total over the course of the lease. If you have a long commute or drive a lot, you may be better off buying. Leased vehicles are always under warranty though, so you shouldn’t have to pay any major repair bills. You will be responsible for routine maintenance though, like oil change.

Leasing vs buying is a big decision, so don’t take it lightly. If you have any further questions or want to know what might be best in your particular situation, feel free to stop by or call us and our professional financing staff can help you with anything you may need.