Buy VS. Lease
Should I Buy or Lease?
Wondering if buying your car or leasing is the better fit for you? We get this question often at Bill Dodge Auto Group and have broken down things to consider when you are looking for your next car.
When it comes down to it:
Leasing is a great option for those who like to have a new car every few years.
Purchasing is a nice option for those who would like to own their car outright.
Do both sound like you? Read on to learn more about both options to find the best fit. Have questions? Our team is here to answer your questions.
Out of pocket Costs:
LEASE:
A typical lease will require you make the first month’s payment and put down a refundable security deposit, though your security deposit may be waived at Bill Dodge Auto Group. You should also keep in mind that a down payment, as well as taxes, registration, and other associated fees may come into play.
PURCHASE:
You'll need to have money for a down payment, taxes, registration, and other fees.
monthly Payment:
LEASE:
You may find that lease payments are lower because you are only paying for the depreciation of the vehicle during your specific lease terms.
PURCHASE:
If financing, loan payments are much higher than lease payments because you are working to own the car once payment terms are complete.
Driving Styles, Lifestyle, & Habits:
LEASE:
If you’re someone who travels more than 12,000-15,000 miles/year, leasing a vehicle may not be the right option for you. If you drive over the negotiated miles, you will have to pay. Typically it costs around $0.15/mile over your limit.
PURCHASE:
Do you like to modify your car? If so, buying may be the right option for you. If you lease a car, depending on the terms you may not be able to perform any modifications. If you buy a car, you have the right to customize it however you would like and you do not have to worry about breaking lease terms.
Early Termination:
LEASE:
Early termination of a lease can be very costly and most of the time will be just as expensive as sticking with your original contract.
PURCHASE:
If you buy your car, you can sell it whenever you would like. Money from the sale can be used to pay off your loan balance or you you can pocket any money made from a vehicle that has been fully paid off.
End of Term:
LEASE:
When your lease is up, you can choose to purchase the car outright or you can walk away and get a new car.
PURCHASE:
When you purchase a car, and your loan is paid off, you can do whatever you would like with the vehicle.
May not represent actual vehicle. (Options, colors, trim and body style may vary)
More Info
Do you have questions on whether you should buy or lease your next car? Visit our dealership located in the Saco . The friendly finance department at Bill Dodge Auto Group would be happy to answer any questions you may have about buying and leasing programs.