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Buying Vs. Leasing

When you are ready for a new vehicle, you have two primary options here at Freehold Buick GMC: You can purchase the car or you can lease it. Let’s take a closer look at these two options and their biggest advantages.

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Buying and Leasing

First of all, what’s the difference between buying a vehicle and leasing one?

  • When you purchase a car, you typically make a down payment and then make monthly payments until it is paid in full and the car is yours.
  • When you lease a car, you make smaller monthly payments for a set amount of years and then return the car to the dealership.

Pros of Buying a Vehicle

Buying a vehicle comes with a whole set of pros that you may want to take advantage of:

  • When you purchase a vehicle and pay it off, it is yours to keep as an asset with no monthly payments. You may keep that car for a decade or longer, sell it privately for a profit, or use it as a trade-in at a dealership.
  • Because the car belongs to you, you are free to make modifications as you see fit (as long as they don’t void your warranty). This is especially handy if you enjoy customizing your vehicle’s performance or appearance.
  • When you buy, you can drive your vehicle as far as you want without worries about mileage. Leased vehicles have mileage limits, typically from 12,000 to 15,000 miles a year.
  • If you have a tendency to be rough on your car, buying may also be good for you, as you don’t need to worry as much about excessive wear and tear. Damage to leased vehicles could cost you more money at the end of the term.
  • If you decide you don’t like your vehicle or you find something better, you can sell it or trade it in at any time. Getting out of a lease early will cost you extra.

Pros of Leasing a Vehicle

Leasing a vehicle has many advantages, too, and these are a few of the most important ones:

  • Leasing is cheaper month to month than buying, and you usually don’t need a down payment. You also don’t need to worry about depreciation, because it’s built into your monthly payments.
  • Because leasing is usually cheaper, you can consider leasing a vehicle that would be out of your price range when buying. Instead of purchasing a lower trim level with fewer amenities, you could upgrade to one that delivers deluxe features, advanced technologies, and boosted performance.
  • With a lease, your vehicle will typically be covered by a warranty for the entire time you drive it, which means any repair costs will be taken care of. In some lease agreements, scheduled maintenance is covered, too.
  • If you like to always have the newest vehicle technologies, leasing might be more up your alley. Typically, you lease a vehicle for 2-4 years. At the end of that term, it’s easy to make the switch to a newer and more up-to-date model.
  • When you lease a vehicle, you can dispense with all the trouble of reselling it or trading it in when you’re ready for something new. When your lease is up, you’ll simply hand over the keys and pick a new vehicle to lease.

May not represent actual vehicle. (Options, colors, trim and body style may vary)

The Manufacturer's Suggested Retail Price excludes tax, title, license, dealer fees and optional equipment. Dealer sets final price.

As a general rule, if you like to personalize your vehicles and drive them frequently, you should buy. If your commute isn’t very long and you would prefer to get into a new car every three years or so, you should lease. Whether you choose to buy or lease, you’ll find numerous high-quality vehicles and financing options for every budget here at Freehold Buick GMC!