Leasing vs Buying a Car: Pros and Cons

Woman shaking mans hand over a car contract clipboard with car keys
 

What’s the difference between leasing a vehicle vs. buying a vehicle? We hear questions about leasing vs. buying every day at Drive Burtness, so we created this guide to walk you through the pros and cons of both methods. While one driver in Whitewater might prefer the short-term commitment of leasing, another driver in Orfordville might prefer the long-term savings of a typical loan. Let’s find out the best choice for you, and feel free to ask our finance team any questions along the way.

 

 

Leasing vs. Buying: Costs and Commitment

How long do you plan to keep the car and how much can you afford? Leasing a vehicle vs. buying a vehicle offer two sets of different benefits. While the average Janesville driver only keeps a vehicle for three years on average, some prefer to stick with one model as long as possible. 

  • Leasing: A lease is a shorter-term contract lasting two or three years. You’ll enjoy lower monthly payments, smaller down payments, and less tax. No need to worry about rising service or repair costs.
  • Buying: Financing is a long-term investment that will eventually allow you to eliminate your monthly payments completely. While repair costs grow over time, you’ll save big in monthly fees once your loan is paid in full. 

Leasing vs. Buying: Mileage and Restrictions

How much do you plan to drive your new vehicle? If you commute short distances, you’ll have no problem with a lease. If you’d prefer a car to customize and take on road trips, buying your car puts that power in your hands.

  • Leasing: Leasing carries certain mileage restrictions and because you need to return your car to the dealership, your customization options are extremely limited.
  • Buying: The car is yours, so you can feel free to personalize it with new accessories or modifications. Plus, you can drive it as much as you’d like – both off- and on-road!

Leasing vs. Buying: Options and Process

How much flexibility do you need out of your contract? The leasing process is simple and straightforward, though financing carries its own unique benefits as well.

  • Leasing: Take care of your car for the duration of your contract, then simply return it and pick out a new model for the next lease. Love your car? You also have the option to purchase, and since residuals are higher due to market conditions, you’ll get a great price.
  • Buying: Though you’re locked into a long-term contract, you have greater opportunity to do what you wish. You can sell or trade the car, refinance for a lower rate, or simply enjoy your vehicle for miles and miles to come.

Explore Your Options at Drive Burtness

When trying to decide between leasing vs. buying a car, pros and cons lists can only go so far. If you want to get personalized advice for your needs and budget, our team would be happy to go over your options at Drive Burtness. Contact us with any questions or chat in person at our Orfordville dealership to get one step closer to your next car purchase. In the meantime, browse our lease offers!

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