Buying vs. Leasing: What’s the Difference?


buying vs. leasing is an important factor when deciding to get a new vehicle.

 

Once you find a car that you like, the next step is deciding which to choose when it comes to buying vs. leasing. There are several advantages to each method of getting a car, but it largely depends on your finances and your driving habits. While buying tends to be more popular among car buyers, leasing has increased drastically over the past few decades as car shoppers realize its many advantages.

Buying, says US News, is the preferred in the US. You pay more for a down payment and your monthly payments tend to be higher than if you were to lease. However, you invest equity as you make payments, and you ultimately get to keep the car. As long as you take care of your vehicle, buying tends to be more cost-effective over a long period of time.

Leasing is a great option for several reasons. Leasing tends to be more affordable in terms of monthly payments, and you often pay little to nothing down when you take possession of the vehicle. While you don’t get to keep the car when the lease is up, you also take less risk because there’s no need to borrow money and if there is an issue with the vehicle it’s not your problem long-term. Leasing is ideal for those on a fixed income, people who want to upgrade to a car normally out of their price range, or those who simply like to mix it up every few years.

To learn more about buying and leasing a car, come talk to our specialized team here at Muller Toyota.

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