Should I Buy or Lease?

Are you considering leasing vs. buying when it comes to your next vehicle in Manchester? Whether you’re choosing a new or certified pre-owned model, this is an important decision for your budget. You’re probably wondering, “Should I buy or lease a car?”

At Liberty Mazda, we know that buying a car takes a lot of time and our staff wants to answer all your questions. In the following overview, we’ll compare leasing vs. buying to spotlight their advantages and disadvantages. Learn more below and you can always get pre-qualified with us!

Leasing vs. Buying a Vehicle

“Should I buy or lease a car?” When you decide to lease a vehicle around Hamden, it’s similar to renting a car for a long-term contract. During this period, you will be locked into consistent monthly payments. You won’t build equity as you would from buying the vehicle and are paying for the ability to use said model for a specific number of months and agreed-upon mileage. When your lease concludes, you can trade in your vehicle and replace one leased car with a new one, buy the vehicle outright, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You’ll have smaller down payments when you lease a car near Milford.
• Worry-Free Maintenance: Most vehicles come with a three-year lease, so most service repairs are covered within the terms of an existing lease.
• No Resale Worries: When leasing, you can just return the car. If you exceed the agreed-upon mileage or there’s wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You will return your vehicle every couple of years and can upgrade to the latest models and tech.

Cons: 

• Mileage Requirements: Exceeding the agreed-upon mileage means you’ll have fees to pay.
• Constant Monthly Payments: You must maintain those monthly payments to keep your vehicle and these must be consistent throughout the lease period.

Pros and Cons of Buying a Car

Pros:

• Ownership: You can always buy the car and once you finish your monthly payments, you will own the vehicle outright. If you want to sell it off or trade it in, you can do so.
• Customize Your Vehicle: Leases have rules regarding what you can do with your vehicle in Hartford. Owning the car means you won’t have to deal with this. 
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion. 

Cons:

• Higher Monthly Payments: Leasing a vehicle means lower monthly payments for the model you might consider buying.
• Rapid Depreciation: New cars lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: When trying to get approved for a loan, you may have to consider making a larger down payment. Leasing the car means less chance of this occurring.

Buy or Lease Your Next Vehicle with Liberty Mazda

So, what’s the right answer to “Should I buy or lease a car?” The truth is that it entirely depends on what’s best for your budget and needs. When browsing our inventories, you should also explore our new and pre-owned vehicle specials to see what catches your eye. Find your next vehicle near Manchester with Liberty Mazda!