If you’re in the market for a new car, you have a pretty big decision to make. And not just about which vehicle to drive off the lot, although that’s important. You also need to decide if you should buy or lease the vehicle. While this can feel like an overwhelming decision, it’s an easy choice when considering your needs. Find out what to consider when choosing to buy or lease, and then you’ll know which is right for you.
Consider Usage Before Buying or Leasing
First, you need to think about your driving needs before deciding to buy or lease. Do you want to use the car to go on cross-country road trips, along with commutes to work, or will you only drive it short distances? Leases typically include mileage limits, so buying is the better choice if you intend to make long trips. However, if you can stick to the mileage limits, leasing can be an excellent option.
Think About Your Long-term Wishes
Next, think about what you’ll want to do a few years down the road. Do you like to upgrade to the newest model every few years so you can access the latest technology? That’s easy to do when you lease a vehicle. Once the lease is up, you can take it back to the dealership and swap it out for the next model. That means you’ll always have the latest bells and whistles.
On the other hand, if you prefer driving the same car for years, a short-term lease might not make sense. Instead, you might be a good candidate for buying, so you can hold onto your car for years and upgrade after paying the loan in full.
Look at Your Budget
Your budget is also important when deciding between buying and leasing. Leasing payments are typically quite a bit smaller than loan payments when buying a car. This is especially true if you don’t have a large down payment to put down when buying a vehicle. If you want a brand-new car loaded with features, but your budget is a bit tight, it might make sense to lease.
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Consider What You Want to Do When Done With the Car
Finally, think about what you want to do when you’re ready for a new car. Do you like the idea of going to the dealership and swapping it for a new one? That means you’re a good fit for leasing a vehicle. On the other hand, if you want to sell or trade your car, you’ll need to buy it. You’ll own the car, so you can make money when you’re ready to upgrade.
You can buy or lease your next car at Doug Henry Chevrolet Buick GMC in Farmville, North Carolina. If you’re still unsure of which route to take, we can go over the numbers to help you decide. Then we can help you choose a new Chevrolet, Buick, or GMC to take home today.
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