Should you Lease or Buy your next Vehicle?
Shopping for a new car, truck, or SUV provides you with the opportunity to acquire a vehicle that provides you with years of happiness and excellent service. When searching for your next vehicle, both buying and leasing can provide opportunities to get the most benefit from your next vehicle. If you're unsure whether to buy or lease, this guide can help you make the right selection.
The Benefits of Buying a New or Used Vehicle
When making a new or used car purchase, there are many fantastic perks. Some of the best reasons to make a purchase for your next vehicle include:
No Usage Restrictions
When you acquire a vehicle on a lease, there may be limitations on your usage for the vehicle. Most commonly, this occurs as mileage restrictions, after which you are subject to additional fees. This can be restrictive if you change lifestyles in a manner that leads to a significant increase in the amount of driving you need to do. When you own your vehicle, this is not a concern.
Full Ownership Control
Another perk of owning instead of leasing when it comes to your freedom with your vehicle is the ability to make modifications. With a leased vehicle, you are often obligated to maintain the vehicle in its current state. When you own your own car, truck, or SUV, you can install modifications to your own liking in order to customize your vehicle to your needs and tastes.
Purchasing a vehicle often is a less expensive method of acquiring a car, truck, or SUV in the long run. While cycling through leases maintains a constant stream of payments, when you make a purchase, you often agree to financing that lasts only for a period of a few years, after which you have paid off your vehicle and own it in full.
Because you own a vehicle when you purchase it, every dollar you make in car payments helps you to build your own equity by paying down the debt you owe.
The Benefits of Leasing a New or Used Vehicle
Leasing is a popular option with drivers of a broad range of personalities and needs. Some of the top reasons to choose to lease your next vehicle are:
Lower Monthly Payments
A lease commonly comes with lower monthly payments than a purchase on a similar vehicle. This can make it an excellent option when your monthly finance and capabilities are lower.
Stay Updated on the Newest Vehicles
With the relatively short terms on leases, you get the opportunity to upgrade to a newer model easily every two to three years. This lets you stay current if you prioritize being in the newest vehicles on the road.
No Trade-In Hassle
Because you don't own your leased vehicle and don't owe any remaining money like you would on a loan, you do not have to worry about trading in your vehicle the next time you make a change.
If you find you love your leased vehicle, many dealerships offer lease-to-buy options, so you can keep it at the end of your term.
How to Decide to Lease or Buy a New or Used Vehicle
Deciding whether to buy or lease your next car is one of the most important decisions you can make in any car search. Since both options have many wonderful benefits, each has the potential to be the right choice for you, depending on your circumstances. If you're unsure whether you're better suited buying or leasing after seeing the benefits of each, follow these steps to find your best option:
1. List Your Priorities
Understanding what you're looking for in a purchase or lease is important on any search. This can include both features of your vehicle, as well as practical factors such as finances and ownership preferences. By understanding what you would like in a vehicle and what you need in a vehicle, you are better situated to make the right choice between buying or leasing.
2. Assess Your Budget
Understanding your financial situation is another important step in making an informed vehicle decision. The two different methods of attaining a new vehicle come with different financial implications, both in the short-term and the long-term. Understanding how much you can afford to pay both as a down payment and in monthly payments and insurance can help you set a responsible budget and find your ideal choice.
3. Visit a Dealership
Deciding to lease or buy is often a complicated equation and benefiting from the professional experience of automotive experts can help you make a more informed decision. By visiting a trustworthy dealership like Hiley Buick GMC of Fort Worth, you can speak with experienced professionals who can analyze your situation and help you find your best fit.
4. Test Drive Vehicles
While choosing the right method of acquiring your vehicle is important, the most important thing is finding a vehicle that you love driving, whether you intend to do so for just the next couple years or for many years to come. Getting behind the wheel of a vehicle allows you to get a better understanding of what your experience would be like in possession of the car, truck, or SUV. Doing so can help you determine whether the long-term commitment of a purchase or a shorter option through leasing is preferable for you.
5. Decide on Your Best Option
Once you've gathered all the important information from the previous steps, you are ready to decide on leasing or buying. Consider the pros of each and how they apply to your specific circumstances in order to choose the option, which provides you with the maximum benefit.
Hiley Buick GMC of Fort Worth Can Help You With Your Next New or Used Vehicle
Whether you're looking to buy or lease, the professionals at Hiley Buick GMC of Fort Worth are here to help. Our staff can discuss your options with you and guide you towards the buying or leasing option that best meets your needs. Our goal is to make every customer leave our lot happy. You can reach out to us through our online contact form, or come see us in person to learn how we can get you behind the wheel of your next vehicle today!