Buy vs Lease
Congratulations! You’re getting ready to purchase a new car. As one of the most exciting decisions you’ll make in your lifetime, you’re likely eager to understand more about how you can get behind the wheel as quickly as possible.
And to help you do exactly that, we’re here with this Buy vs. Lease handbook created by Ira Toyota of Tewksbury. With our guide, drivers of Lowell, Dracut, and Tewksbury will learn more about the ins and outs of buying or leasing a vehicle, so that you’re sure to make the right decision for your family.
Benefits of Buying!
If you prefer to have your road companion by your side for years to come, buying is a great option for you. Instead of trading in your vehicle after a few years, as you would with a lease, buying allows you to pay off your loan and own the vehicle completely once the term is completed.
Finally, choosing to finance or buy your car prevents you from worrying about mileage restrictions. So, for those of you who’re road-trippers or commuters, buying your next vehicle is a great option and keeps you from exceeding any mileage limits.
Have you ever dreamed of not having a car payment? Well, if you completely pay off your loan on a financed car, you’ll be able to enjoy your vehicle without the hassle of submitting monthly payments.
After you’ve paid off the price of your automobile, the ride is yours and all you need to worry about are gas, repair, and insurance expenses.
Benefits of Leasing
When you’re the type of person who likes to always be equipped with the latest and greatest technology gadgets in your car, leasing may be the best choice for you.
Most leasing terms last about three years, which allows you to snag the most recent model every few years. That way, you can fully enjoy the newest additions to your favorite type of vehicle, like the Toyota Camry.
On top of that, depending on the price of the automobile, leasing may make it easier for you to secure lower monthly payments. That’s because you’re only paying the difference between the car’s current value and what it’s expected to be worth once your leasing term is complete, plus fees.
With that said, leasing could be a smart decision for those who don’t have a significant amount of money saved up to put towards a down payment.
It’s important to note, however, that because you don’t own the vehicle outright, keeping up with regular maintenance and repairs is essential. That way, you can turn in your automobile without being charged for any damage done to the engine.