How To Know Whether Buying Or Leasing A Vehicle Is Right For You

Should I Buy Or Lease?
Your driving priorities are going to dictate whether buying or leasing a vehicle is right for you. Don’t worry if your preferences aren’t set in stone. We’ll help you begin deciding between buying or leasing by highlighting the key differences that separate these two vehicle financing options.

Buying gives you complete ownership over a car, while leasing is similar to renting a vehicle. A lease agreement stipulates the amount of time you’ll be able to drive the car, what condition it’s expected to return in, and the amount of annual mileage that you’re allotted. The end of a lease term prompts a lessee to return the car and its keys to the original dealership.

Most drivers buying a car choose to finance the vehicle through a loan that translates to monthly payments based on principal and interest. While leasing and purchasing a car involve monthly payments, leases have lower monthly costs since the payments only cover the vehicle’s depreciation during the leasing term. The average car lease is 36 months—though you can negotiate for a different length if you prefer.

A certain percentage of drivers opt for longer car loans to reduce their monthly costs. Long-term loans can put drivers in a position where they end up owing more money than the vehicle’s worth. Early vehicle trade-ins are an example of a situation that can cause these upside-down situations.

Take a look at the advantages of car buying and leasing to get a better sense of the option that’s right for you.

What You’ll Get Out Of Buying A Vehicle
Leases restrict vehicle customization. Purchasing a car gives you free rein to integrate modifications that may elevate your everyday drives.

Mileage restrictions during leases can be a hassle to deal with. Drivers that commute long-distance and enjoy road trips can buy a vehicle and have peace of mind knowing that they won’t have to face the mileage excess fees that leases present. The same deal goes for wear and tear fees. While you want your bought car to look great, you won’t have to worry about returning it in A-list condition.

Buying a car comes with its own type of flexibility in that you’re free to sell or trade in your vehicle toward another car whenever you’d like.

Why Vehicle Leases Are Getting Increasingly Popular
A lease’s low upfront costs, reduced taxes, and smaller monthly payments make it easier to drive a newer, more expensive car.

Are you worried about maintenance costs? Leasing a vehicle makes maintenance more affordable since you’ll be driving under the car’s factory warranty.

Trade-ins and car sales can present unnecessary challenges. A lease’s conclusion allows you to hand over your keys, walk away, or lease a newer model.

Finance With Confidence At Group 1 Ford of Kennesaw
Group 1 Ford of Kennesaw’s team is here to help you streamline your vehicle financing process. Our dealership’s finance center listens to your personal driving needs so we can help you lease or purchase your next car with absolute confidence. Get a running start on your journey when you apply for financing with our financing professionals.