Should I Buy or Lease a Car?

A common question we receive at Joe Machens Capital City Ford is, “Should I buy or lease a car?” This question is hard to answer, as there is not a one-size-fits-all solution for every driver around Columbia. Each option certainly has its merits, but one may be better suited to your driving needs and budget. In the guide below, we compare leasing vs. buying to help you determine which is a better match. 

Leasing vs. Buying a Vehicle

Are you one of the many Fulton drivers asking, “Should I buy or lease a car?” We’re here to help. So, what does it mean to lease a car? A car lease allows you to drive a vehicle from a dealership for a pre-determined amount of time and miles. Essentially, you pay for its usage rather than for the full purchase price of the vehicle. When you finance a vehicle, you are taking out an auto loan so that you can drive the car now but pay for it over time. Compare leasing vs. buying a vehicle more in-depth below. 

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: In most cases, you will be able to enjoy lower monthly payments when you lease. 
• Worry-Free Maintenance: Most leased vehicles are covered by warranty for the duration of the lease. 
• No Worries About Resale: When it’s time for something new, all you have to do is bring the vehicle back to the dealership when the lease is up. 
• Get a New Car Every Few Years: If you like having the latest bells and whistles, you can drive a brand-new car every couple of years if you lease. 

Cons: 

• Mileage Requirements: You must stick to set mileage restrictions, or you will be charged a penalty. 
• Constant Monthly Payments: With leasing, you will always have a monthly car payment. 

Pros and Cons of Buying a Car

Pros:

• Ownership: Once the vehicle is paid off, you are free from monthly car payments. 
• Customize Your Vehicles: You can customize your vehicle or accessorize it any way you want. A leased vehicle must be kept as close to factory condition as possible. 
• No Restrictions: There are no mileage limits, and you won’t be charged for excess wear and tear on the vehicle. 

Cons:

• Higher Monthly Payments: Usually the monthly payments on a financed vehicle are higher than the payments for a leased vehicle. 
• Rapid Depreciation: New cars depreciate rapidly. 
• Larger Down Payment: You may need to make a larger down payment to get pre-approved for financing. 

Your Dream Car Awaits at Joe Machens Capital City Ford

Now that you have compared leasing vs. buying, are you ready to make your dream car a reality? We can’t blame you! Visit Joe Machens Capital City Ford near Lake of the Ozarks today, and we can get you set up with a test drive. Don’t forget about our new vehicle specials!