Should I Buy or Lease?

January 10th, 2019 by

Woman buying or leasing a new car and shaking the hand of the salesman while her husband and daughter show support

When you’re ready for a new Land Rover in the Huntington area, you have two options. You can buy a car or lease a car. These two financing choices offer different benefits, so it’s important to understand both options before making any decisions. We’re comparing leasing vs. buying to help you figure out which automotive financing option is right for your lifestyle and your budget.

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Benefits of Buying a Vehicle

  • Driving Ability: When you own your vehicle, you can drive it around Parkersburg as much as you’d like. There aren’t any mileage restrictions, so you’re able to drive to work every day or take a cross-country roadtrip without having to worry about mileage fees.
  • Selling Ability: Because you don’t have a lease agreement for a certain amount of time, you’re able to sell your vehicle whenever you’d like. If you still have a loan, you can trade in your current vehicle. (You’ll still have to pay off the loan, but it can be rolled into your new loan.) If you own your car outright, you can learn how to trade it in at a dealership or sell directly to a new owner.
  • Customization: You are the owner of your vehicle, so you can customize it however you’d like. You can change the color, update the engine, get new tires, or whatever you wish.
  • Less Cost Down the Road: Though it’s more expensive upfront to buy a car, it can cost you less over time, especially if you’re buying a new car. Since it’s never been driven before and you’re the only owner, it shouldn’t require much extra maintenance outside of routine car service.

Benefits of Leasing a Vehicle

  • Lower Cost: When you opt to lease a vehicle, you can usually put down a smaller amount of money upfront. Your monthly payments will also likely be less than loan payments.
  • Lower Sales Tax: In many states, leasing a car can significantly lower the sales tax. In some places, you only pay sales tax on the amount of money you pay for your down payment and your monthly payments.
  • Easy Trade-In Process: Once your lease term is up, the process to get your next vehicle is easy. You simply return your current car to the dealership, pay any outstanding fees, and choose your next vehicle to lease.
  • Coverage: Because you don’t have your vehicle to a very long amount of time, most service should be covered under your warranty, so long as you don’t go over your mileage limit.
  • Newest Features: When you choose to lease, you’re able to drive the latest models with the newest features. If you like to stay current on automotive technology and features, this might be the better option.

Learn More About Leasing vs. Buying at Land Rover Charleston

Now that you know the differences between buying and leasing, you’ll have a better idea of which automotive financing option makes the most sense for you as you’re shopping for a new vehicle. To learn more, contact us or visit us in Charleston to speak directly to a member of our finance team.

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