We’re constantly faced with auto related questions as our lives form and change, whether we’re forced to travel somewhere new, settle down in the suburbs, or take a job that is really reliant on transportation. Whatever the reason may be, the time old question always pops into our heads: is it better to buy or lease a vehicle? It’s completely normal if this is a question you don’t feel completely sure on, which is why we’re going to look at the pros and cons of car leasing versus car buying today.
Leasing a Vehicle
PROS: For starters, you can count on lower monthly payments for car leasing than auto loans. Additionally, you can count on driving a brand new vehicle every couple years, providing you with access to the highest quality selection on the market. Always protected by a warranty, you won’t have to worry about trading or selling your car when it’s time to trade up at the end.
CONS: In order to meet you monthly payments, like auto buying, you need to have a stable and predictable source of income – one that you can count on. Additionally, you have to drive a certain set of miles that have been pre-determined. However, this can be seen as a benefit if you want some predictability with usage and payment ahead of time. Lastly, you must consistently and properly maintain your car, and in certain cases, purchase gap insurance.
Buying a Vehicle
PROS: When you buy a car, you totally own the vehicle. It is yours – all the breaks, alterations, and updates belong to you. Therefore, you can customize the vehicle however you want, and drive it however many miles you please without informing someone ahead of time. When it’s time to trade-in the car, that’s on you – build up trade-in or resale value if that’s what you want to do while you own it. Lastly, spread out payments as you please after signing the car.
CONS: You can count on higher monthly payments with this option, as well as unforeseen costs that come with investing in a depreciating asset. There are also unexpected post-warranty repair costs to worry about, as well as the total responsibility of trading or selling the car if you’re ready for another one. This process can be lengthy, and if not completed properly, you can lose a lot of money you had been counting on.
Signature Auto Group Leasing Options
We believe in providing customers with reliable, easy-to-pay payments every single month, as well as a warranty that gives them some peace of mind on the road. That’s why we lease our selection of cars with interested patrons, providing everyone with yearly options to upgrade and change their vehicle as they see fit. As a depreciating asset, we don’t believe in investing in something that won’t offer a better return.
If you’re interested in exploring the world of car leasing, feel free to give us a call here at Signature Auto Group.