Should You Lease or Buy Your Next Car?

For most of us, purchasing a new vehicle is one of the largest financial decisions we make. The only thing that eclipses a new car in terms of cost and commitment is buying a home. Clearly, it’s very important that you are comfortable with the way you are paying for your next truck, car, or SUV. Both leasing and buying offer benefits, but what’s the best way for YOU to pay for your next car?

Lease vs. Buying: Pros and Cons

If you’ve ever wondered, “Should I buy or lease?” you’re certainly not alone. No two drivers have exactly the same needs. Here, we’ve laid out the basic pros and cons of each path, so you can make the right decision:

Benefits of Buying

Curious about the reasons to buy a car? For some drivers, buying a car is its own reward. For others, knowing the risks and rewards will make the process even more exciting! The dealership wants to maintain the value of the vehicle they’re leasing. So, all leasing contracts include certain mileage and usage restrictions. If you want to enjoy the freedom to take a weekend road trip out to Moore, or you often make long commutes past Tulsa, buying may be the better option.

 

You have the final say.

You and your lender will share ownership of the vehicle until your loan is paid off, but when you finance your vehicle, you’ll eventually enjoy complete and total ownership. Any equity you build while paying off your loan is money in your pocket later on.

Sell at any time.

Drivers who lease can only trade up for a new vehicle at the end of their contract period. When you buy, you’ll never have to wait months to start your trade in or look for a new vehicle. When your needs change, you’ll be ready to make moves right away.

Customize or accessorize your way.

Are you the type who wants to lift your truck, add a spoiler to your hatchback, or increase your power with performance parts? If you answered yes to any of these, you’ll likely feel restricted by a leasing contract which requires the vehicle to remain unmodified.

It’s easy to finance new or used.

The biggest benefit of buying just might be that you can choose between new and used car dealerships! Used car leases are very uncommon, and some brands even prohibit them outright. However, you can still save big by buying a used car, truck, or SUV.

Benefits of Leasing

If you’ve been looking for, “places to lease a car near me,” you’ve come to the right place. We can teach you all about the reasons to lease a car and help you get started with a lease auto deal today! Buying is best for drivers who are in it for the long haul. If you’re not sure what kind of car you’d like to own, leasing contracts are a great way to experiment with different models! If you don’t like the vehicle, you’ll only have to put up with it for a year or two, and you won’t have to worry about finding a new buyer.

 

Lower monthly payments for the same new car.

This benefit is self-explanatory. When you lease, you’ll pay less from month-to-month, so you’ll have more to spend on other things! Although you won’t build equity, you might just find that it’s a stellar short-term option.

It’s easier to get approved.

Leasing is less of a risk of the person who’s giving you the car. For this reason, it’s generally easier to get approved for a lease than it is to get approved for a new car loan.

Upgrading is simple and streamlined.

When your leasing contract is up, you’ll just need to return the car to the dealership where you signed up! Then, you’ll drive home in a new car, with a new contract. It’s hard to imagine an easier process.

Your lease ensures that you’re covered.

The person who leases you the car wants it to remain in good condition. For this reason, leasing contracts often offer extensive coverage and make it easy to get the services you require.

Learn More with the Bob Moore Auto Group Sales and Finance Teams!

In our blog series, we will examine the good and bad sides of both purchasing and leasing a vehicle so that you can decide which option is the best fit for your Tulsa drives. Interested in learning more about lease vs. buying or exploring the possibility of trading in a financed car with new and used car dealerships? We’re ready to help you save big, even if you’re considering a Jaguar or a Porsche Cayenne! We even offer luxury vehicles under $30k for those on a budget. Find a Dodge Challenger lease deal that will save you up to thousands of dollars.

Now that you’ve answered the question, “Should I buy or lease?” why not learn about the three things you should remember when buying your first car? Or, find out how much car you can afford by checking out the Kia Stinger price! We’ll walk you through a wide variety of models from the Kia Stinger to the Audi Q7.

 

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