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When the time comes to get your next vehicle, a major question you need to ask yourself is whether you want to buy vs. lease a car. Both options have their benefits, but you're likely to find that one is a better fit based on your circumstances. Below, we'll highlight the key benefits of both options to help you choose the one that's right for you.
There are some great advantages to leasing a car rather than buying it.
One of the best benefits that comes with leasing a car is that you can get one of the newest vehicles on the road. Leases are only available for the newest models and typically last for three years. By the time your lease is up, your vehicle will still only be three years old. If you take good care of your vehicle, such a young vehicle will still feel like new. You can then opt to get another lease and continue driving the latest model.
Driving the latest vehicles typically means better performance and improved comfort. Newer models tend to have the latest technological features, such as better entertainment systems, more modern safety alerts, and added comfort. And new vehicles come with less wear and tear, reducing the likelihood of finding yourself stuck on the side of the road in need of repairs.
Another big benefit of leasing a vehicle is the lower monthly payments. With a leased vehicle, you only pay for the amount of depreciation the vehicle experiences over the lease term, plus other fees. As an example, if a new vehicle has an MSRP of $20,000, the vehicle will be worth an estimated $14,000, or experience a depreciation of $6,000, after three years of driving.
Your monthly payments as a lease owner are based on that depreciation amount. Leasing factors in the estimated value of the vehicle at the end of the term, which typically results in much lower monthly payments. If you're looking for an affordable way to drive a new car, a lease is an excellent option to explore.
Leased vehicles typically have lower maintenance costs. As newer vehicles, their internal elements are more likely to last. Many leases come with warranty protection and even maintenance visits. This means that while you're less likely to need maintenance or repairs in the first place if you do, there's a good chance the dealership or manufacturer will cover these costs. No one likes unexpected vehicle repair costs, and leasing a vehicle is one way to make them less likely to occur.
Buying a car has its benefits, which may suit you better based on your situation.
One of the primary reasons to buy a car rather than lease it is the long-term value. With a lease, you need to return the vehicle after a few years and then explore your options again to find your next vehicle. You don't own the vehicle; you're essentially just borrowing it for a while.
When you buy a vehicle, the vehicle is yours. If you take out a loan to buy a car, the vehicle is yours once you pay off the loan. In either case, it's your vehicle for as long as you want it. If you take good care of your vehicle, you could drive it for 10 to 20 years, giving you a significant return on your initial investment.
Even better, once you pay off an auto loan, you don't have to worry about monthly payments. This can significantly boost your monthly budget.
Choosing to buy a vehicle also opens up more possibilities. With a lease, you can only choose from the newest models. If none of these options fit your particular needs, buying a vehicle can be a better way to go. The only limit to what you can buy is your budget and what's available at your local dealerships. With so many makes, models, colors, and years to choose from, you should have no trouble finding a vehicle that matches your needs.
If you're interested in customizing your vehicle, you'll definitely want to buy it. A leased vehicle is still the property of the leasing company. Since you need to return the vehicle at the end of the lease, you can't make any major modifications to it. This isn't the case when you buy a vehicle. You're the owner, so you can make any changes you'd like. You can replace parts, paint it a different color, or install a new entertainment system.
If you think that buying a vehicle is the path you want to explore, then there's a good chance you'll need auto financing. Auto financing allows you to get the car you want now through a loan and pay it off in monthly installments. To secure auto financing, work with our finance department at Planet Ford Dallas. Our team will help you secure an auto loan at a reasonable rate by connecting you with our finance partners. Begin your financing application online today.
Leasing or buying your next vehicle both have benefits. It's a matter of choosing the option that's best for your situation rather than choosing the best overall option. If you need some help deciding, our team at Planet Ford Dallas is here to assist you. We can discuss your options with you, considering factors such as your financial situation, the car you want, and your trade-in options. Contact us today to get started. Before long, you'll be on your way toward getting your next vehicle at a price you can afford.
