Leasing vs. Buying
When you head to the dealership to search for your next car, is the financing process on your mind? While it may be more exciting to focus on finding a new set of wheels, finding the right financing plan is just as important.
Before you head to Faulkner Automotive Group to find your dream vehicle, think about which option is better for you with help from our leasing vs. buying guide. Then, before you know it, you'll be hitting the streets of Harrisburg, Mechanicsburg, or Trevose, Pennsylvania, feeling confident!
How Do Leasing & Buying Differ?
If you don't know much about what it means to lease a vehicle, the process may seem foreign. This financing plan is a lot different from purchasing a vehicle, though each option comes with its own set of benefits.
When you buy a vehicle, you pay for the whole value of the model and eventually become the owner. This is typically done by making payments to a lender until you've paid off the vehicle. These monthly payments can vary depending on whether you're buying new or used and the overall price of the model.
Leasing is more like a long-term rental. Essentially, you'll be borrowing the car from the dealership for a few years, although it still comes with a monthly payment. However, instead of paying off the entire value of the model, you'll only be paying for its depreciation while you're driving it.
Since you won't technically own the vehicle, monthly payments are typically lower. However, you'll have to monitor your mileage. Unlike buying, where you can drive as much as you want, excessive mileage on a leased model may result in extra fees.
Buying vs Leasing: Used Car Edition
A lot of drivers wonder if they can lease used vehicles. While you can buy any model you wish, be it new or pre-owned, leasing is typically saved for brand-new vehicles. However, there are some exceptions.
There are possibilities available to lease certified pre-owned (CPO) models. Depending on the manufacturer and their CPO program, new car financing rates may be offered as an added perk. This means you can lease a certified vehicle like you would a new one.
Should I Lease or Buy?
Leasing a vehicle isn't for everyone. You'll need to look at your unique needs and think about the future to decide which financing plan is ultimately right for you.
You should buy if:
- You want ownership of the vehicle
- You want to customize your car
- You can't have mileage limitations
You should lease if:
- You don't want the long-term commitment of buying
- You want potentially lower out-of-pocket costs
- You like to switch up your ride every few years
Leasing vs Buying: Which Is Right for You?
Now that you know more about leasing and buying vehicles, it's time to take the next step. After you've found the perfect model at Faulkner Automotive Group, one of our finance experts will take over. Whether you're leasing or buying, they'll be thrilled to walk you through the whole process and ensure it's the right decision for you.
If you have any questions or are ready to get started, schedule a financing appointment today. Our team is excited to help all Trevose, Mechanicsburg, and Trevose, PA, drivers find the right car and the right financing plan to go along with it.