Leasing vs Purchasing: What Do I Choose?

When people visit our finance center, one of the most common questions we hear is: should I buy or lease my car? The financing process can be a stressful one, especially with so much fine print and number crunching; we understand the confusion that some drivers have when it comes to this question. That is why we are here to help clarify these methods of payment and provide guidance to those who may be having a tough time choosing one that is right for them.

So what is the difference between the leasing and purchasing?

Purchasing: A Game of Loans

 Since many people do not have the funds to purchase a vehicle out of pocket, purchasing a car involves taking out an automotive loan. This loan covers the initial cost of the car you are buying. You then will pay down that loan over the following months and years. Once you pay off the car, you officially own it.

Leasing: More Flexibility

What if you don't need a vehicle for a long period of time, though? What if you just need a short-term vehicle that allows you to get around Wayland with ease? That is where leasing comes in.

Not only do you not have to take out a loan when you lease a vehicle, your monthly payments are also often more affordable when you lease.

In this way, leasing a car offers you more flexibility for you and your wallet.

There are some parameters associated with leasing a car, though; you need to stay within certain mileage parameters and you need to maintain the quality of your leased vehicle while it is in your possession. You also do not own the vehicle.

Which One Do I Choose?

There is no perfect answer to this question. Depending on your personal preferences and your financial situation, either could be a good option for you.

With that said, if you know that you want to own your vehicle, or if you want the freedom that comes with owning a car, then purchasing may be right for you. Alternatively, if you want more freedom with your automotive option, you need a short-term car, or you want a car you can drive around the city, then leasing may be a more enticing opportunity.

Ready To Learn More?

If you would like to learn more about the financing process, or if you have any questions about leasing and purchasing, our team is here to help! We can answer all of your questions, help you crunch the numbers, and offer advice when you need it.

If you would like to learn more about our selection of vehicles, or if you have any questions about purchasing and leasing, visit us at K & M Wayland Chrysler Dodge Jeep Ram in Wayland, MI.

Our team would be more than happy to assist you with all of your vehicle-related needs, from purchasing to servicing.

Visit us today and we can help you schedule a test drive with your favorite car on our lot.

We are proud to serve drivers throughout Wayland, MI; Grand Rapids, Kentwood, MI; and Wyoming, MI.