Buy Vs Lease

  

Buy vs Lease

Before you drive home your next new car, you'll need to decide how you'll finance it. Will you buy your next car, securing a car loan, or will you lease the car, paying only for the depreciation of the car over the time you drive it? Before you decide, take some time to understand the benefits - and drawbacks - of both options.

Buy

You should consider buying if:

·         You plan to keep your car more than three years, possibly with the intention of paying it off.

·         You drive more than 12,000 miles every year.

·         You want the freedom to sell it or trade it in at any time.

·         You want to make modifications to the car.

·         You don't mind a higher monthly payment and have the funds for a decent down payment.

Lease

You should consider leasing if:

·         You want to trade your car in every few years for a new model.

·         You drive fewer than 12,000 miles a year.

·         You don't want to deal with selling it.

·         You can return it in pristine condition.

·         You prefer a lower monthly payment and a small (or nonexistent) down payment.

The bottom line of buying a car rather than leasing it is deciding which choice is worth it monetarily. You need to decide whether or not you want to keep up with current trends, and lease a new car that fits your lifestyle every few years, or whether to simply buy a vehicle to reduce costs in the long term. To learn more about our competitive car loan rates and lease options, stop by Sierra Volkswagen today!