Shopping around for a new vehicle? One of the biggest decisions customers must make is whether they would rather lease or purchase their next vehicle. Each option has its own benefits and would benefit some drivers other others. Which is right for you? If you are stuck trying to answer this question and are interested in getting a new vehicle near Washington DC, continue reading to explore our leasing vs buying comparison.
It’s important to remember that vehicles leased out to a driver is still the property of the dealership. In simple terms, leasing is similar to renting. You and the dealership would agree on a set monthly payment, length of contact, and any additional prices if you exceed the set mileage or cause any damage to the car beyond normal wear and tear. At the end of the lease, which averages around three years, you can choose to shop for a different car. If you love the car you have been driving, you can talk with the dealership about settling a purchase price. Overall, leasing is a great option if you are looking to save some money or try out new vehicles as they become available.
Benefits of Purchasing a Vehicle
Purchasing is the opposite of leasing when it comes to vehicle ownership. Buying a car is a big investment and requires the buyer’s commitment to the vehicle. Monthly payments will likely be a big larger and will likely last for a longer period of time. However, this comes with some major pros. After the vehicle is fully paid for, you own it. You will be free to drive it as long as you want and as far as you want without having to worry about paying the dealership any extra fees. You are also free to do as you please to the vehicle, such as adding decals. Also, since the vehicle is yours, you can sell or trade-in your vehicle at any time.
Ready to start shopping for the perfect vehicle? Need some help deciding whether leasing or buying is right for you? No matter where you are in your shopping process, contact us at Sheehy Auto Stores and we will help you every step of the way.