Buying vs Leasing: What Should I Do?
When car shopping, you’ll have an important question to answer: Do you want to buy or lease your next ride? Harbin Ford Scottsboro can help drivers across Huntsville, Birmingham, and Chattanooga, Alabama, answer that question.
We’ve put together this page to highlight some of the benefits of buying and leasing, as well as the difference between the two. Let’s get started.
If you have questions about the financing or leasing process, our finance center is available to help.
What’s the Difference Between Buying and Leasing?
While both buying and leasing get you behind the wheel, there are some key differences.
When you purchase a vehicle, you are paying off a loan and eventually will fully own that car. There is no set duration you’ll be driving that vehicle for.
Leasing is like a long-term rental. You drive the vehicle for a set amount of time and return the car to the dealership at the end of your lease. At the end of your lease, you may have the option to purchase the vehicle, but this is not a key component of the lease itself.
Benefits of Buying
Buying a vehicle offers the most control over your car. When you purchase a vehicle, you pay off a loan to receive the title. Purchasing a car allows you to do what you want with it. You can drive it as much as you want, service it where you want, and customize it how you want.
When you’re ready to move on from the car you purchased, you can sell the vehicle and keep the money you make from it. You can put that money toward another vehicle purchase or keep it to spend on other things. It’s up to you.
When shopping for a vehicle to buy, you’ll have lots of options, both new and pre-owned models. This increases the choices you have, and you can search for specific features that you want in your ride.
Benefits of Leasing
Leasing a vehicle is done for a set amount of time, typically two or three years. Leased vehicles are often new, so you’ll have access to the latest features and options.
Many dealerships offer flexible lease terms, so you can choose the duration of your lease and the mileage allowance per year. This allows you to create a lease that fits your life.
Leased vehicles come with mileage restrictions and recommendations on where to have the car serviced. Warranties are often included for a leased vehicle, lowering potential repair costs.
Discuss Your Options With Our Finance Center Experts
Buying and leasing are great options for many drivers across Huntsville, Birmingham, and Chattanooga, AL. If you want to discuss your options with an expert, the financing team at Harbin Ford Scottsboro is here to help.
We will help you select a vehicle and discuss whether buying or leasing is better for your lifestyle. Contact us by phone or use our online scheduler to schedule an appointment to discuss your financing options today.