When you're in need of a new car, you have two options to consider: buying or leasing. Both of these avenues have their advantages, but deciding on the best option to take can be a little tricky if you don't know the ins and outs of buying and leasing. We're going to help you and Dover, Middletown, and Odessa-area drivers make the best decision possible by showing you the differences between these two choices. You'll see which one is right for you.
Buying a Car
There's nothing quite like owning a car. It's yours to do with as you please, whether you want to drive it, paint it, or even sell it. When you buy a car, you'll need to do your research to be sure that you're choosing a vehicle that's right for you. When you do decide to buy a car, there are a few things that you need to know before you sign.
Buying a car has a lot of components attached to it. It requires a down payment, but however much you put down at signing will affect your monthly payments. The more you put down, the less your monthly payments will be. Most dealerships have a payment calculator, which will allow you to see what kind of deal you could get with your terms. After you've paid off the car, it's yours.
Leasing a Car
Leasing is also a great option to choose, but it's best to know about your lease deal before you commit. Lease deals generally last about three years, so you're not tied down to the vehicle, but you have enough time to gauge how you feel about it while it gets you around. After you're lease period, you're free to walk away and choose another car if you wish.
Lease payments are much lower than loan payments. With loan payments, you're putting money down to own the car. However, with lease payments, you're just paying off the vehicle's depreciation. After your lease period ends, you're free to buy the vehicle, or you can choose to lease a different one.
Things to Know About Buying & Leasing
While both options have their advantages, there are other factors that you should be aware of so you can make the best choice for your automotive future. Maintenance is a major factor to be aware of. When you buy a car, you're usually given a set of warranties that can help you along the way. However, these warranties are limited, so after a few years, maintenance will be out of your pocket.
Leases also come with warranties, but you only have the car for a few years, and most severe automotive problems happen later in the vehicle's life. Still, when you lease a car, you get a set of miles each year. If you have a lengthy commute, or you take a lot of road trips, you could go over your allotted miles, which would result in you paying for the excess miles driven.
Do you have more questions about buying and leasing? Contact us at Winner Ford. We're always happy to help drivers in the Dover, Middletown, and Odessa area make the best decision possible towards their next car.
