Should I Buy or Lease a Car?

Woman shaking mans hand over a car contract clipboard with car keys
 

As you prepare to make your next new or certified pre-owned car purchase, you may be wondering, “Should I buy or lease a car?” Deciding between buying and leasing is important as which you choose can affect your budget and how you drive around Pottstown. To help you choose, Springfield Mitsubishi - Reading’s finance department is ready to break down the different benefits of each option. Read on to learn more about leasing vs. buying with Springfield Mitsubishi - Reading!

 

 

The Benefits of Leasing

Before we can talk about the benefits of leasing, let’s first define what leasing a car means. When a Lancaster driver chooses to lease a vehicle, they are essentially renting a vehicle for a certain number of years. Instead of paying monthly to cover the full cost of the car, the monthly payments only cover the amount of depreciation that will occur over the duration of the lease term. While most leases won’t let you modify the car and may have mileage limits, a lease gives you the benefit of:

  • Smaller down payments
  • Smaller monthly payments
  • Less sales tax
  • Flexibility to renew, finance, or swap for a new vehicle when the lease ends

The Benefits of Financing

Deciding whether you should buy or lease a car can depend on your budget. Financing is done with the intention of owning the vehicle, so when you finance, you take out a loan for the full value of the car, minus any down payment you make. This typically is a much higher cost compared to leasing, but grants you the benefits of:

  • No mileage limits
  • Flexibility to modify and alter your car
  • Freedom to sell and recoup costs

When you compare leasing vs. buying, buying typically ends up being more cost-effective in the long run, as your ability to sell your vehicle pays off down the line.

Learn More About Leasing vs. Buying with Springfield Mitsubishi - Reading!

Now that you know the difference between leasing vs. buying, get ready to find your next car at Springfield Mitsubishi - Reading! When you’ve found a car you love on our Reading lot, contact us to set up a test drive. Get a headstart on your finances by applying for financing through our secure online finance application and getting the trade-in value of your current vehicle. No matter how you choose to drive off our lot with your next car, the Springfield Mitsubishi - Reading team is here to help!

 

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