It's time for your next vehicle, and that means it's time to decide whether you will lease or buy a car. There are benefits and drawbacks to both options, and when you take your own unique situation into account, things get even more complicated.
At Haldeman Ford Hamilton, we want to help you reach the decision that's right for you, so that you can spend more time in your new vehicle and less time figuring out how to get it. Here's the basics of what buying and leasing both look like in terms of upsides and downsides!
A Bit About Buying
Buying a new car will save you money in the long term, but you will spend more upfront.Your monthly payment is likely to be higher than that of a lease; however, once the loan is paid off you will own the vehicle yourself. This gives you the valuable opportunity to build equity in the vehicle!
Ownership also means you can do whatever you want with your vehicle- drive where you want, change what you want, and so on. That means that customization options are on the table, too- it's your vehicle, and you make the choices. Plus, when you are ready for a new vehicle, you can always sell yours or trade it in easily, because you own it.
A Little About a Lease
A newer model at a lower price sounds good, right? A lease will give you that option! Leasing a car will allow you to drive a newer vehicle with lower monthly payments, as well as giving you the ability to trade up to something new at the end of your term. Since most lease arrangements account for about three years leasing, this gives you access to the latest models and hottest technology available! Also, you won't run into excess charges for repairs, because the vehicle will be covered under warranty.
Of course, since it's not your vehicle and you have to return the car at the end of your lease term, selling isn't an option, nor is customization. Also, it's important to remember that a lease means mileage limits. You won't want to lease if you have a long commute to work or enjoy long, leisurely Sunday drives, because if you go over the limit with excess mileage, you will incur charges. It's also best to avoid excessive wear and tear on a lease vehicle that you'll have to give back eventually, so off-roading and challenging drives are often not the best option.
Whether you choose to lease or buy your next vehicle, the experts at Haldeman Ford Hamilton can guide you through it all, step by step. We want to make sure that your experience is seamless, because getting your next vehicle should be fun, exciting, and as easy as possible! Give us a call or contact us online to get started. You can also take a look at our available inventory online to see the options we currently have available.
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