When it comes time to get your next vehicle, one of the biggest decisions to make is whether to buy or lease. Financing a purchase and leasing each have their own unique advantages, and the right choice for you depends on your individual needs and budget. Here's a look at some of the key benefits of buying versus leasing.
The Advantages of Financing
Some of the main benefits of buying include:
- Ownership - Once you pay off your auto loan, you own the vehicle free and clear.
- No mileage restrictions - Since you own the vehicle, there are no limits on how many miles you can drive each year.
- Customization -When you own it, you're free to personalize your vehicle however you like.
The Advantages of Leasing
Leasing offers its own set of advantages:
- Lower payments -Lease payments are lower than loan payments since you are only paying for the vehicle's depreciation during the lease term rather than the entire vehicle cost.
- Drive a new car more often - Lease terms are typically two to four years, so you can regularly drive a new vehicle with the latest features and technology.
- Less maintenance responsibility -You are only responsible for routine maintenance rather than long-term repairs.
Explore Your Options at Lithia Ford of Klamath Falls
The knowledgeable finance team at Lithia Ford of Klamath Falls is here to help. Visit us to discuss your options, crunch the numbers, and figure out the best financing solution for your budget and lifestyle.