Buying a car can be an exciting yet overwhelming time. The financing portion of buying a car can quickly turn something fun into something stressful. There's sometimes haggling involved and then you have to decide whether to lease or buy. Which finance decision should you choose? We have come up with some key differences between leasing and buying.
Lease
- If you decide to always lease instead of buy, you always have monthly payments.
- You can upgrade to the newest car every couple of years.
- It is difficult and costly to break a lease.
- You may be charged extra fees for exceeding the mileage limit and for any damage to the car.
Buying
- You have to make higher monthly payments and have more money up front.
- Once you pay off the car it's yours to do with it what you like.
- It's easier to sell or trade.
- Cars depreciate as soon as they're driven off the lot.
Contact our finance department to learn more.