Deciding Whether to Lease or Buy

Choosing whether to buy or lease can be difficult. The decision should be based on a several things such as how often your drive and how much cash you have available. We've outlined the pros and cons of each option below.

Buying Pros

  • You get to take advantage of the resale value.
  • When the loan is paid off you own the vehicle.
  • You get to customize and make any cosmetic change you want to the vehicle.

Buying Cons

  • You'll need to pay a sizeable down payment.
  • You have to pay interest over the life of the loan.
  • You have to make higher monthly payments.

Leasing Pros

  • You pay less upfront when you lease.
  • You have lower monthly payments.
  • If you don't like the vehicle you can walk away at the end of the lease.

Leasing Cons

  • There are mileage limitations when you lease. If you go over you will be charged a fee.
  • You don't own the vehicle.
  • You can't make any customizations.
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