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Should I Buy or Lease?

2020 Audi Q7 Parked on the road
 

Are you looking to take home your dream luxury car, crossover, or SUV for your commutes? If so, you’re probably wondering: “Should I buy or lease?” There are plenty of benefits to both depending on your needs, and the best option for you will ultimately depend on what you want to get out of your vehicle. Compare the pros and cons of leasing vs. buying with the finance center at the Pepe Auto Group to see which option is right for you. 


Leasing vs. Buying: Overall Costs

Price is always a factor when shopping for a new vehicle in the area. When considering leasing or buying, there are dozens of cost-related factors to consider, including: 

Leasing

Pros: 

  • Lower monthly payments than a loan
  • Save on sales tax
  • Lower down payment
  • No escalating service/repair costs

Cons: 

  • A new lease every few years won’t change your payments noticeably. 

Financing

Pros: 

  • Gives you a chance to eliminate your monthly payment altogether
  • Buying used is more affordable than leasing new
  • Paying off a financed vehicle will cost less overall than continuing to lease

Cons: 

  • Repair costs tend to go up as a vehicle ages

If you plan on keeping your vehicle for about 3-5 years and want the latest features, then leasing may be the more affordable option. 

Leasing vs. Buying: Restrictions & Limitations

Leasing

Cons:

  • Strict boundaries and mileage restrictions
  • Penalty fee for exceeding limitations

Financing

Pros: 

  • Full ownership means no mileage limitations or restrictions

If you don’t drive much farther than most days, then leasing might be preferable for you. However, if you plan to put some miles on your vehicle and want to customize later on, then buying would probably be the better choice.

Leasing vs. Buying: Ownership

Leasing

Cons: 

  • Vehicle will need to stay as close to factory condition as possible due to the dealership owning the vehicle. 

Financing

Pros: 

  • Ability to add whatever accessories or modifications you like since you own the vehicle. 

If you see yourself customizing your vehicle throughout the duration of your time with it, then buying a vehicle might be a more comfortable choice for you. 

Leasing vs. Buying: Overall Freedom & Flexibility

Leasing

Pros: 

  • Easy and convenient
  • Simple return process at the end of lease term
  • Multiple options at the end of lease term, like upgrading to a new vehicle
  • Can buy the vehicle at the end of lease term

Financing

Pros: 

  • Can sell or trade the vehicle at any time if you owe less than the vehicle’s worth
  • Can refinance for a lower rate later on
  • Can keep the vehicle as long as you choose

So, which is better: leasing or buying? Visit Pepe Auto Group where our finance experts will help you decide for yourself.

Buy or Lease a New Vehicle at Pepe Auto Group

Still wondering, “Should I buy or lease?” Contact us to speak with a member of our finance team and see which option is right for you. We’re always ready to help you take home the new luxury car, crossover, or SUV that you need for a price you’ll love.

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