What are the Different Advantages of Buying and Leasing a Vehicle?

Before you can take a vehicle home from a dealership, you must decide on a payment method. Will you buy it and claim it as your own? Or will you lease it and exchange it for a new product every few years? These are the primary differences between your two options. However, there are other advantages to take into consideration as well, so we have outlined three more benefits for each option below.

Three Reasons to Buy a Vehicle

01. Financing — As a car buyer, you will be expected to pay the total cost of a vehicle. However, you will get access to special finance programs and have greater leeway with your credit score.

02. Freedom — When you buy a car, you are not restricted to how you use it. In other words, you can drive it as much as you want, modify it to your preferences, and even sell it at any time.

03. Selection — Only select models are available for lease whereas all vehicles are for sale. That means you have a wider range of options when you decide to purchase.

Three Reasons to Lease a Vehicle

01. Affordability — Usually, a new car lease does not require a down payment and is offered with specialized rates. As a result, you will save more up-front and can enjoy lower monthly payments.

02. Coverage — A lease agreement lasts a few years at most. Therefore, you will have the protection of a factory-backed warranty during your period of ownership.

03. Innovation — If you appreciate all-new technologies on the market, then leasing a new vehicle is a great choice. It will allow you to drive new products that are built-in with the latest gadgets.

Speak with Our Financial Advisors to Discuss Buying and Leasing in Greater Detail

These are just some reasons Herb Chambers customers choose to buy or lease a car. If you would like to learn more, we encourage you to read our in-depth analysis of the difference between buying and leasing or to refer to one of our specialists today. With our help, you can select the financial route most appropriate for you!

Categories: Finance