Mitsubishi:
Close

Should I Buy or Lease?

Buying vs. Leasing

When shopping for the car of your dreams, one of the questions you may encounter is whether you plan to lease or buy your next vehicle. Before you can decide, it is important to figure out your driving needs and budget and how they would be affected by leasing vs. buying. Each owning method has its own set of benefits, and one may be better for Cumberland drivers. Don Franklin Auto breaks down the differences and answers the question, “Should I buy or lease?” What’s the difference between lease and finance options? We have the details.

Benefits of Buying

  • No Mileage Restrictions: If you plan on doing a lot of driving in and around Hayward, you may want to consider purchasing your vehicle. You won’t have to worry about mileage limits or charges for excess wear and tear.
  • Total Ownership: Buying a vehicle means it’s yours completely. You can do whatever you want with the vehicle.
  • Customization: Unlike with leasing, you are free to customize your vehicle any way that you want. Make performance modifications, change the color, or add accessories. The possibilities are endless.
  • Ability to Sell: When you purchase the car, you can sell it any time that you want.
  • Less Cost Over Time: Though buying a new car is more expensive in the initial period, it eventually becomes less costly the longer you have it. Also, the higher your credit score, the better your interest rate and terms.

Benefits of Leasing

  • Lower Payments: Your monthly payments are less expensive when you decide to lease.
  • Less Sales Tax: In most states, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
  • Trade-Ins: With leasing, you don’t have to worry about selling the car when you want something new. When the terms of your lease is up, all you have to do is bring it back to the dealership and select a new car to buy or lease.
  • Great Coverage: Warranty coverage and maintenance is a breeze when leasing. You don’t have to worry about out-of-pocket expenses for covered components as long as you don’t go over the mileage limits.
  • Options: When you lease, you have the opportunity to drive a new car more often. If driving a vehicle with the latest tech features is important to you, leasing is ideal.
  • High Approval Rate: While you may be denied for a car loan, it is much easier to get approved for a lease. You can even get approved with bad credit or if you have yet to establish credit.

Learn More About Financing with Don Franklin Auto

Lease vs. buying. Which is right for you? Now that you know the difference between leasing and buying a car, it’s time to make a decision. If you are still unsure about your options, do not hesitate to reach out to the team at Don Franklin Auto. If you would like to expedite the financing process, you can even prequalify for credit! In addition to showing you the difference between a lease and buy and what is a deferment on a car loan, we can also answer your other financing questions. Learn more about the meaning of MSRP and how you can find your next ride that fits your budget.

More from Don Franklin Auto

  • How Many Miles Per Gallon Does the 2022 Hyundai Sonata Get?

      When it comes to finding the right fuel-efficient sedan to take your Louisville, KY commute to the next level with fewer stops to fill up, you owe it yourself to learn more about the new 2022 Hyundai Sonata mpg ratings. With several striking engine options along with top performance upgrades and features, it’s easier than…

  • What Are the Different Nissan Altima Models?

      The 2022 Nissan Altima provides a variety of performance, technology, and comfort features that are designed to make every Louisville, KY drive better than ever before. Which of the Nissan Altima trim levels best suit your lifestyle, budget, and needs? Our team at Don Franklin Auto is happy to go over the Nissan Altima trims for Russel Springs, KY…

  • 2020 Ford Explorer: How Many Seats are There?

    If you’re in the market for a new mid-size SUV, then you should consider the 2020 Ford Explorer. With room for seven, the Ford Explorer seating gives Louisville, KY families plenty of space. The Ford Explorer’s cargo space is enough to entice road trippers and large families, not to mention the feature-packed interior and high-tech entertainment…

Don Franklin Auto 37.996606, -84.442716.