Buying vs. Leasing
Selecting a new car can be difficult, but choosing what features are important to you in the car isn’t the only important choice to be made. You must decide whether buying or leasing makes more sense for you and your financial situation. The team at VerHage Mitsubishi can help you figure out which option works better for your budget and lifestyle. Here are a few questions you should ask yourself before you stop by our dealership in Holland.
How much driving do you do?
Most lease agreements come with mileage limits. If you like to take long road trips or commute a long way for work, buying might be a better option for you. But, if you can predict that you won’t be doing a lot of driving that would put you over mileage limits, leasing is a great option.
Do you like to have a new car?
If you always like the drive the newest model, leasing might be for you! When one lease agreement is up, you can easily trade up for a more recent model that you love. If it’s more important to you to pay off a car and drive it for a long time payment free, consider buying instead.
Do you want the lowest payment possible?
Usually, lease payments are cheaper than car loan payments because you only pay for the depreciation on the car while you drive it, not the entire price of the car. That said, you won’t ever own a car you lease unless you decide to buy at the end of the lease agreement. Leasing is also a good option if you don’t have a lot of money saved up to put towards a down payment.
The basic warranty coverage of 5 years or 60,000 miles on a new car will cover most repairs. The maintenance on the new car - brakes, tires, cooling system - will not be necessary for the terms of most leases. $ave on leasing!
Do you like to personalize your car?
If so, leasing isn’t for you. You’ll be charged for any changes or damage you do to the car. If you’re rough on your vehicle or like to buy accessories to make it your own, you might want to consider buying instead of leasing.
Ready to talk to one of our finance specialists about whether buying or leasing is right for you? Stop by our dealership in Holland or contact us online today.