Should I Buy or Lease?

Finance Paperwork with Glasses

 

If you’ve been searching for your dream new or pre-owned %Land Rover for your Fort Lee, you’ve likely asked, “Should I buy or lease?” There are pros and cons to buying and leasing, and the best option will ultimately depend on your financial situation and the type of driving experience that you desire. Keep reading with Land Rover Manhattan finance experts as we compare leasing vs. buying so you can figure out which option is right for you. 

Leasing vs. Buying: Cost Differences 

When shopping for a new car in the Englewood area, price is going to be a major factor. As you’re asking yourself “Should I buy or lease?” here are some cost-related factors that you should consider:

Leasing

Pros: 

  • Lower monthly payments
  • Fewer sales tax
  • Lower down payment
  • Little to no service or repair costs 

Cons: 

  • There won’t be any noticeable payment change as you transition to a new lease every few years. 

Financing

Pros: 

  • You have the opportunity to eliminate your monthly payment
  • Purchasing a used car is often more affordable than leasing a new model
  • Paying off a financed vehicle will cost less overall than continuing to lease

Cons: 

  • As the vehicle ages, there’s typically an increase in repairs costs

Bottom Line: Drivers who intend on keeping their vehicle for about 3-5 years, and who want the latest features, may find leasing to be the more affordable option. 

Leasing vs. Buying: Ownership Possibilities 

Leasing

Cons: 

  • Because leased vehicles are owned by the dealership, they need to stay as close to factory condition as possible. This means that you aren’t allowed to make customizations or enhancements. 

Financing

Pros: 

  • You have the freedom to add accessories or make any desired modifications since you own the vehicle. 
  • Ability to add whatever accessories or modifications you like since you own the vehicle. 

Bottom Line: If you want to be able to tailor your vehicle to match your style, then buying it may be the more suitable option for you. 

Leasing vs. Buying: Freedom & Flexibility

Leasing

Pros: 

  • Simple return and upgrade process at the conclusion of the lease term
  • You can also choose to purchase the car at the end of the lease term

Financing

Pros: 

  • If aren’t upside down in your loan, you can sell or trade in the vehicle at any time 
  • Refinancing is an option and it’s a great way to secure a lower interest rate 
  • You can keep the vehicle for as long as you choose to

Are There Restrictions & Limitations With Leasing vs. Buying?

If you choose to lease your next The Bronx driver, there are some limitations that you’ll need to keep in mind. For instance, leased cars have strict mileage restrictions, and you’ll have to pay a penalty fee for exceeding those limitations. On the other hand, you can travel freely when behind the wheel of a finance vehicle as there aren’t any mileage limitations or restrictions. 

Buy or Lease a New Vehicle at Land Rover Manhattan

If you’re still wondering, “Should I buy or lease?” reach out to us to speak with a member of our finance team. They’ll walk you through how car financing works and how car leasing works so you can make the best-informed decision for your wallet and your driving habits!

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