When it comes to getting a new vehicle, there are many choices you'll need to make. Along with picking what make and model you want, one of the most important is whether you'd rather lease or buy.
That decision can be difficult, but we're here to help you weigh your options. We've listed the advantages of buying and leasing. Keep reading to find out which one is right for you.
The number one benefit of leasing a vehicle is having more freedom. You can choose to drive a new car every few years. Plus, you can take your time deciding if you want to purchase a vehicle without the hassle of needing to sell or trade.
Lease terms usually range between 24 and 60 months. Shorter terms allow you to make more affordable payments. When leasing, you're able to choose your mileage. The normal mileage limit is 12,000 or 15,000 miles per year, but if you need more miles, you have the option to purchase them at signing.
Leasing can significantly cut down on your financial responsibility and monthly payments, since you're only paying for the right to drive a vehicle for a limited period of time. Not ready to put down a large down payment? Leasing may be better for you, as there are leasing options that require $0 down.
Because most leases last for two to three years, your vehicle is generally protected by warranty coverage for as long as you have it.
There are several options open to you when a lease ends. You can simply return the vehicle and pay any remaining fees (such as for excess mileage or wear and tear) and taxes. If you want to keep your vehicle at lease-end, you have the option to purchase it at a predetermined price. In either case, there's no need for you to sell it or trade it in unless it benefits you.
The biggest perk of buying rather than leasing is ownership. If you want to keep your car for a longer time frame, purchasing it is the better choice. Choosing to buy also allows you to customize your new vehicle to match your lifestyle.
When leasing, you must calculate in advance how many miles you'll drive each year and pay fees if you exceed your mileage limit. There are no mileage restrictions when financing. Ownership gives you the freedom to drive as much and as far as you desire without collecting fees.
When purchasing a vehicle, you can choose to finance it or buy it outright with cash. If you buy with cash, you become the vehicle's owner right away and don't need to worry about monthly payments. If you choose to finance, you have an extended period of time with a loan to pay off the vehicle. For the best outcome when financing, we suggest that you look for the most affordable, dependable and competitive rates possible, like what we offer here at Prince Toyota of Tifton.
Once you complete your payment schedule, typically in four to six years, you own your vehicle. You can keep driving it for as long as you desire, or sell or trade it at any time. Ownership also means no more monthly payments, so you could place those same funds toward your savings.
If you happen to have any questions or would like to get to know us more, come visit us at 2013 U.S. Highway 82 West, Tifton, GA 31793. We look forward to serving customers from Sylvester, Ocilla and Moultrie.