Buying vs Leasing

When you’re ready to get behind the wheel of a new vehicle in Fishers, Indianapolis, or Noblesville, IN, one question you’ll want to ask yourself is: buy or lease?

Most drivers are familiar with what goes into buying a car, but not as many people know the benefits of leasing. Both options offer their own benefits, and Andy Mohr Buick GMC wants to make sure you’re educated on each one so you can make the decision that best fits your budget and lifestyle. Keep reading to learn more about buying vs. leasing a car.

Advantages of Leasing	Advantages of Financing
Lower monthly payments	Ownership
Easily upgrade to the latest model	More customization options
Warranty coverage	Not locked into contract

 

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Why Lease?

1. Lower monthly payments: When you lease a car, you’re not paying for the overall cost of the car. Instead, your monthly payment is based on the amount that the car depreciates while you’re driving it—in other words, the initial cost of the car minus the car’s value when your lease is up. Therefore, leasing often results in lower monthly payments than buying does.
2. Upgrade to latest model: Leasing makes it easy to upgrade to a new car every few years. When your lease ends, you can either choose to buy it or upgrade to a new model to take advantage of all the latest technology upgrades. Plus, if you choose to upgrade to a new vehicle, you don’t need to worry about selling your current one.
3. Warranty coverage: Since you’re driving a new car under a lease agreement, you generally don’t have to worry about out-of-pocket costs for major repairs. They should be covered under the manufacturer’s warranty, which usually stays in effect for the entire length of your lease agreement.

Benefits Of Buying

1. Ownership: Financing a new car may mean slightly higher monthly payments, but you have the opportunity to get some of that money back when you decide to sell your car. Plus, once your vehicle is completely paid off, you can stop making monthly payments—whereas when you lease, you’re always making payments.
2. Customization options: While leasing gives you a chance to try all the latest tech, you’re still limited by the options that are available from the vehicle’s manufacturer. If you own a car, on the other hand, you don’t need to worry about slapping on that bumper sticker, installing your own sound system, or accessorizing with those high-performance wheels.
3. Greater flexibility: You’re not locked into set terms of a contract when you finance a car. So, you can decide to sell your car at any point without incurring additional fees for breaking your contract—though you will still be responsible for covering the remaining balance on your loan, if applicable. Plus, you don’t need to worry about staying within a set mileage limit, so go ahead and plan that cross-country road trip.

TALK TO OUR FINANCE PROFESSIONALS

As you can see, each option offers its own type of flexibility, whether it’s the option to get a new car every few years or personalize your ride to your heart’s content. If you’re still stuck on the decision of whether to lease or finance your next car, call Andy Mohr Buick GMC. We want to make sure you’re confident in your choice once you start driving your new vehicle around Fishers, Indianapolis, and Noblesville.

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