Should I Buy or Lease a Car?

Lease Agreement
 

Financing and leasing make it easy for you to get into a car at a price that won’t stretch your budget to the breaking point. But there are some important differences between these two options, and understanding their distinctions will ensure you find the right solution for both your financial and driving needs. In this guide, the Short Redmond SuperStore finance team compares leasing vs. buying so you can shop with confidence for your next vehicle in the Richmond or Winchester area.

 

 

Reasons to Lease a Car

When you lease a car, you are basically renting it for the entire lease term. This means that you don’t have the opportunity to build equity in the car and you can’t sell it, but you get the benefit of financial savings. Since you only pay for the car’s depreciation throughout the time you lease it, you’ll typically enjoy a lower down payment, lower monthly payments, and cheaper sales tax. 

As you compare leasing vs. buying, you’ll likely find leasing to be the more flexible option. If you prefer having a new car every few years, leasing is a smart choice. And at the end of your lease term, you can renew the lease, terminate it, switch it out, or finance what’s left and keep the vehicle. 

Reasons to Finance a Car

When you finance a car, you obtain a loan for the full price of the vehicle and then pay it off each month. Legally-speaking, you own your car when you finance it. While financing does tend to come with a higher down payment and monthly payments, you’ll have more freedom as the vehicle’s lawful owner. For instance, there are no mileage limits or wear and tear fees, so you can drive as much as you want on Danville roads and beyond, and you can customize your vehicle in any way you’d prefer. You can also sell the car whenever you’d like.

Contact Short Redmond SuperStore for More Information About Leasing vs. Buying

As you can see, leasing and buying both offer distinct advantages to the right driver. If you have questions or would like to start the financing or leasing process, don’t hesitate to reach out to a member of our team. In the meantime, feel free to start the search for your next vehicle, and stop by for a test drive around Lexington today!

 

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