Deciding on a new vehicle is a huge decision that will impact your life for years to come. Once you've decided on what you want to drive, there's another decision to be made: financing. Buying and leasing are both viable options for most drivers and both have their benefits and drawbacks. Here are some pros and cons of both that will hopefully help you make a decision!
Benefits of Buying A New Car
Buying a vehicle means just that. It's yours once you pay it off and you can keep it or resell it whenever you want. By choosing to buy a vehicle outright, you don't have to worry about mileage or carpet stains. It's all yours!
Downsides of Purchasing a New Car
On the flip side, once any warranties expire, all repairs come out of your pocket. If you keep your vehicle for a long time, that can get expensive. Resale value is also up in the air as there's no set price as to what you'll be able to resell it for in the future. Many dealerships also require a large down payment.
Benefits of Leasing a New Car
With leasing, there's little to no money down. When you choose to lease, you're signing a contract agreeing to pay a certain amount of the car's new price. For example if a new car costs $30,000 and is expected to be worth $15,000 in three years (decided beforehand), you would only pay the $15,000 difference. Most warranties will cover a vehicle for at least three years so all repairs are covered!
Downsides of Leasing a New Car
Downside, lease contracts tend to limit how much you can drive and charge fees for every mile over. Stains and other damage are also a constant worry, especially if small children ride in the car. You also never own the car so when the lease is up you have to find a new ride or buy the one you were leasing.
If you're still not sure if you want to buy or lease your next new car, come by Ed Shults Subaru and talk to our finance experts. We can help you decide if buying or leasing best fits your lifestyle and driving habits. Call us at (877) 460-6252 to make an appointment or just stop by our Jamestown, NY dealership today.