Leasing vs Buying

What is Leasing?

First, let’s discuss leasing. A lease is essentially a rental except it lasts for an extended period of time, often two to four years. Leasing also means you don’t own the vehicle. Instead, you’re borrowing it from our dealership. During your leasing period, you’ll follow a set of guidelines, like a mileage allowance for instance.

Other guidelines will be listed in your personalized lease agreement. Such information includes:

• The length of the lease
• How many miles you can drive per year
• How normal wear and tear are defined
• How much you’ll pay at the start and the end of the lease
• Potential fees at end of lease

Your lessor will go over all the details to your lease before sending you off in your new car!

Perks of Leasing

If you choose to lease your next car, here are a few benefits you can potentially enjoy:

• Lower monthly payments
• Access to higher trim level models with all the bells and whistles
• You gain a varied driving experience
• You can always drive a late model car
• Easy lease return

Let’s say you fall in love with your lease. You can choose to buy it out at the end of your lease! On the other hand, you can simply return your lease for another lease at the lease’s end as well.

What is Buying?

Alternatively, drivers can choose to purchase a vehicle. You can purchase with cash or finance it with an auto loan! Buying also allows you to shop remotely with AcceleRide, our online buying platform.

While leasing allows you to drive a new car every two to four years, buying allows you to own that vehicle indefinitely. So, unless you choose to trade it in for another vehicle or want to sell it to another person, that vehicle is yours to have, to hold, and to drive wherever you please.

Perks of Buying

This brings us to the benefits of buying! Purchasing a vehicle means your name is on the title, so you have complete ownership of it. With ownership, you have free reign over your vehicle, which means you’ll have no mileage allowance, wear and tear are welcome, and you can customize it.

Should I Buy or Lease?

If you’re still deciding which way to go, you can apply your driving habits and lifestyle to help you decide!