Should I Buy or Lease?

As you search for the vehicle that best fits your Portage lifestyle, you should strongly consider your financing options. This will have a large impact on your budget and certain vehicles will become available to you when you decide if you’re going to buy or lease a vehicle. Many of our customers find themselves asking “Should I buy or lease a car?”. The answer will depend on your current financial situation and future lifestyle that you plan on living. When you purchase a car, you own it; however, if you lease a car, the dealership owns it. Learn more about leasing vs buying with the finance team at DeNooyer Ford below!

Buying vs. Leasing: Costs

Likely the largest difference between buying and leasing is the cost. It’s important to know the financial pros and cons to both so that you can pick the option that will work best for your Schoolcraft needs. We gave some insight on both options below:

Leasing

• Pros: Leasing offers lower monthly payments, which can be very beneficial for those who want a certain type of car without the burden of heavy monthly payments. It also reduces the amount you’ll need to pay for the down payment and taxes.
• Cons: Since you will never own the car, you will always have car payments. This also means you cannot sell or trade it in. You are still responsible for regular maintenance and making sure it stays in good condition.

Financing/Buying

• Pros: You have the opportunity to eliminate monthly payments altogether and have complete ownership of the vehicle. This gives you the flexibility to sell or trade in the vehicle whenever you want.
• Cons: As the vehicle ages, the repair costs tend to increase due to normal wear and tear.

Buying vs. Leasing: Mileage & Restrictions

As briefly mentioned in the previous paragraph, when you lease a car, you are responsible for keeping it in good condition and operating within the restrictions that the dealership gives you. Boundaries typically include how many miles you can put on the vehicle during the contract time. When you own the vehicle, you don’t have to consider how many miles it will be to get to Three Rivers. You can just hop in the car and go! Keep your driving habits in mind when deciding between the two options.

Explore Leasing and Financing Options at DeNooyer Ford

Now that you know about leasing vs buying, you can decide which one is right for you! Regardless of which option you choose, check out our new vehicle specials online. Feel free to contact us if you have any questions!