Buying a Car vs. Leasing: Pros and Cons
If you're in need of a new car, you may be wondering about the relative pros and cons of leasing one versus buying one; after all, both of these can be very attractive options depending on your needs and wants in a vehicle. At Ghent, we offer plenty of opportunities for alternative financing or traditional financing on all our new cars; all you need to do is choose the right plan for your needs. If you'd like to speak with one of our financing experts to help you decide, feel free to give us a call at (970) 373-4386. To help you learn more, take a look at some of our pros and cons of leasing a car versus buying one:
Leasing rather than buying pros:
- Leasing is a great way to score a brand new car for less money than buying one; down payments on leases are lower, and monthly payments are also typically less. If driving a brand new car with all of the most up-to-date features is important to you, using leasing as a method of alternative financing is a great way to get the newest car for less.
- Leasing allows you to drive a new car very often, every two or three years depending on your lease term. For many people who choose alternative financing, getting to drive a new car regularly is a huge perk.
- It's easy to buy your car once the lease term is over. For many people who use lease, by the time the lease term has ended they have saved enough money from the lowered payments to be able to comfortably afford to purchase the leased vehicle. This is a great way to ease into car ownership.
Leasing rather than buying cons:
- When you lease a car, you do not technically own it. For some people, this can be a deal-breaker if they would like a car that can be modified with things like spoilers or other accessories.
- Leasing might not save money in the long term. Although leasing saves money as a short term method of alternative financing, leasing for long periods of time will likely cost just as much as buying a car. Most leasing experts recommend lease periods of two to three years as being a good way to save money.
- There can be repercussions if you damage the vehicle. If you own your car, it might not matter to you if serious damage occurs, like dents and scrapes on the outside or spills and stains on the inside. But if you're leasing it and serious damage occurs, you will be responsible for the cost when you turn the vehicle in.
Overall, there are a variety of pros and cons for whichever route you choose to take in shopping for your car. If you need more help in deciding, take a look at our lease versus finance checklist, or just contact us to speak with a specialist. We look forward to working with you.