Should I Buy or Lease?
If you’re on the hunt for a new vehicle, you’ll definitely want to consider all of your options carefully. If you’ve been wondering, “Should I buy or lease?” you’re certainly not alone! In fact, since both paths carry distinct benefits for drivers near Los Angeles and Lancaster, this is one question we hear all the time! Compare the pros and cons of each option today.
Lease vs. Buying: Why Should I Buy?
- No Mileage Restrictions: Drivers who purchase their vehicle will be able to drive wherever and whenever they want! Leasing contracts usually contain mileage restrictions.
- Total Ownership: For some drivers, total ownership is its own reward. When you’re not accountable to a future owner, you can modify or enjoy your vehicle precisely as you please.
- Customization: If you finance your purchase, you’ll be able to customize your vehicle in any way you see fit. Whether you’re interested in lift kits or performance parts, buying gives you more options.
- Ability to Sell: Knowing that you can sell your vehicle at any time might help you enjoy peace of mind on the roads near Santa Monica. With a lease, you’re locked into a contract.
- Financing Options: Leasing contracts are usually rather cut-and-dry. Drivers who choose to finance will likely have more room to negotiate, and they’ll certainly have more options to explore. Find out how car financing works with our team!
- Less Cost Over Time: Buying a car might be more expensive at first, but most agree that it’s worth it in the long term. Leasing is similar to renting in that you don’t build wealth over time.
Lease vs. Buying: Why Should I Lease?
- Lower Payments: Since you’re not paying for full ownership, the payments on your lease will generally be lower than if you had purchased the vehicle.
- Great Coverage: Since the dealer has a strong interest in maintaining the value of a leased vehicle, they’ll usually offer great warranty and maintenance coverage with your contract.
- Trade-Ins: If you buy your vehicles, trading up can be a lengthy, involved process. With leasing, trading up is as simple as bringing your vehicle into the dealership and signing a new contract.
- Options: If you purchase a vehicle, you may drive it for years, or even decades. Drivers who lease will be able to choose a new vehicle every time their lease contract expires if they so choose.
- Less Sales Tax: When you decide to lease, you’ll only pay tax on your down payment and your monthly payments. Drivers who purchase their vehicle will be taxed for the full cost of their model.
- High Approval Rate: Leasing carries a lower risk than purchasing, so it’s often easier to get approved for one of these contracts. While you may be denied for a car loan, it is much easier to get approved for a lease, as even those with poor or no credit can be approved.
Buy or Lease? The Choice is Yours
Ultimately, your decision should be based on your personal finances and your needs as a driver. Whether you decide to purchase your vehicle or sign a leasing contract, drivers in the area have every reason to start their next adventure with the LAcarGuy. Check out our rotating offers and incentives to find a financing program or a Los Angeles lease deal that works for you. Then, contact your local LAcarGuy finance department to take the next steps. If you’re comparing options, take advantage of our online car payment calculator or find out if GAP insurance is worth it for you.