Difference between Leasing vs. Buying

Finance Paperwork with Glasses

 

While there are many decisions to make when purchasing a new car, deciding between leasings vs. buying can be one of the trickiest. That’s because there’s no clear cut answer, so it’s important to consider your wants and needs before making your decision. In this guide, we walk you through the basics of both methods. Learn all about leasing vs. buying, and don’t hesitate to reach out to the finance experts at Weir Canyon Acura with any questions!

 

 

Leasing vs. Buying: Long and Short-Term Costs

  • Leasing: Generally speaking, you’ll enjoy lower monthly payments – as well as lower taxes and smaller down payments. But, your payments won’t change over the years.
  • Financing: This method has a higher cost up front, but if you keep your car for the long haul, you’ll eventually eliminate monthly payments altogether. However, you’ll need to consider repair costs as the car ages.

The Bottom Line: The average Costa Mesa driver keeps a vehicle for three years, which is the length of a typical lease. But if you are committed to a long-term investment, car ownership will pay off over time.

Leasing vs. Buying: Mileage & Restrictions

  • Leasing: You’ll need to keep an eye on your odometer, since excessive miles will cost you a penalty fee.
  • Financing: There’s no mileage restriction to worry about.

The Bottom Line: If you drive a lower to average amount of miles in Tustin, it’s likely that you won’t have to worry about the mileage restrictions. But if you love to travel for road trips, ownership has its benefits.

Leasing vs. Buying: Total Ownership and Customization

  • Leasing: You need to keep your car as close to factory condition as possible, because the dealership will need to resell it after you turn it in.
  • Financing: You are free to add any accessories or custom parts you’d like.

The Bottom Line: If you want to personalize your vehicle with off-road parts or custom style, financing is the way to go. If you like your car as-is, leasing is still a great pick.

Leasing vs. Buying: Freedom, Options, & Processes

  • Leasing: Flexibility is one of the biggest benefits of leasing. Not only can you keep upgrading your cars when your contract is done, but you also have the option to buy out your lease if you’d prefer.
  • Financing: You’ll be locked into a contract, but that doesn’t mean you lack options. You can sell or trade your car, refinance in the future, or keep your car forever.

The Bottom Line: Leasing is a good choice for those who want a shorter-term commitment with more flexibility, while financing is a great option for those who want a longer term investment with long term benefits.

Explore Leasing and Financing Options at Weir Canyon Acura

Still not sure whether leasing or buying is right for you in Montclair? Let’s talk over your options at Weir Canyon Acura. Our financing experts can help you choose the right path for your wants and needs, so contact us today to get started.

 

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