Should I Buy, or Should I Lease?

It hard making a decision on whether to buy or lease a new vehicle. That’s because it can determine what type of vehicle you’ll get, which make or model is better for you and even which vehicle you can afford. Before deciding to buy or lease, you have to weigh the benefits and the drawbacks for each.

Leasing a vehicle is great for people that want to get a new car every few years and would like lower monthly payments. This is because, when you lease a vehicle, you are only responsible for the depreciation of the vehicle for the amount of years you have it and not the full price. Leasing a car lets you get a better vehicle for a lower payment and you won’t have to worry about selling it later on or negotiating a fair price for a trade-in. Plus, typically, the leasing terms allow for the vehicle to stay within its warranty. You’ll also have lower up-front costs because leasing usually requires a smaller down payment. And, if you are interested in having the latest technology, then leasing might be a good option for you.

However, leasing a vehicle is not fit for everyone. For instance, if you have a longer commute to work, leasing won’t be the best option because lease terms set mileage limits from 9,000 miles to 15,000 miles a year.  And, at the end of the lease term, there is a charge for every additional mile. When you lease a vehicle, you have to drive extra carefully to avoid any damages and potential charges when your lease is up. Lastly, when you lease you won’t build up equity and will receive zero dollars when you turn it in.

On the other hand, when you buy a car, you own it. That means that you can customize your vehicle, won’t have mileage restrictions, no excess wear fees and, best of all, you won’t have to make more payments after it is paid for. If you decide to buy a car and finance it, you’ll need to be aware that long-term loans typically have a higher interest rate. Also, you’ll need a bigger down payment in order to get lower monthly payments.

When you choose to lease or buy a vehicle, take into consideration your needs, driving habits and what price you want to pay for your next vehicle. At John Harvey Toyota you’ll find many options to choose from. Whatever your decision, visit our conveniently located dealership in Bossier City, LA. If you live near the Tyler or Monroe area, contact us to schedule your test drive today. Still need some guidance? We’re happy to help!
Categories: New Inventory, Finance
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