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Cole BGC Lease versus Purchasing

Leasing vs. Buying a Vehicle

Buying a car is a very important decision in your life, checking all your options is an important step. We, Cole BGC, are here to help you find what works for you. Buying a car gives you more versatility because the car becomes yours. While it maybe the more expensive option, the car officially belongs to you as you become the owner. Leasing a vehicle is the less expensive option of the two, and that is its selling point. You will never outright own the car, but you still get to drive it! Below is a list of pros/cons for buying and leasing a car to help you choose the right option for your own preference.

Leasing

Leasing Pros:

  • Leasing presents a monthly payment lower than purchasing, with smaller payment when you sign.
  • On the same monthly allowance as with purchasing, you are able to get a newer model car with that cost.
  • With a lease's factory warranty, maintenance is cheaper.
  • When your lease term is up, you are able to trade in for a newer model up front.
  • Once your lease is finished, returning the vehicle is hassle free.

Leasing Cons:

  • Once your lease term has ran out, the car must be returned, but you are given the option to purchase the vehicle then.
  • Mileage is usually 10,000 to 12,000 miles a year, if over the mileage, a fee will have to be paid.
  • A leasing contract is more complex than a purchase contract.
  • Falling into the loop of leasing vehicles, you will spend more money in the long run than outright purchasing.
  • When the lease is up, the car must be returned in the same condition.
  • Terminating your lease earlier can be very costly.

Purchasing

Purchasing Pros:

  • Purchasing a vehicle allows you to drive as much as you want; no mile caps on your car.
  • Car modifications are now possible since you are the owner of the vehicle.
  • Compared to leasing, purchasing a car will save you money in the long run.
  • You are able to sell your car if you do not like even if you are financing it.

Purchasing Cons:

  • Manufacturers typically ask for a down payment of 10% to 20% of the cars value.
  • Car payments are a higher amount than lease payments.
  • All of the cars upkeep is on you after the factory warranty is up.
  • Issues may arise with trade-ins when attempting to purchase a new vehicle.
  • Depreciation begins as soon as the car is taken off the lot.
Questions?
Please speak with our friendly staff for more information.