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Should You Buy or Lease Your Next Car?

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Deciding whether to buy or lease a car is easy when you factor in your budget, preferences, and driving habits. We’ve put together some pros and cons of buying and leasing to help you find the best option for you.

Buying a car is a great choice if you want to make an investment. Though it has higher payments initially, you’ll eventually own the car outright and won’t have payments for it. Also, once you fully own the car, you can choose to have less insurance coverage.

You have a lot more freedom with a car you buy than one you lease. If you want to add packages or change the paint color, buying is the right choice for you. Plus, leased cars tend to have mileage limits, so if you drive a lot of long distances you might want to avoid a lease.

Leasing has lots of great benefits too. For drivers with lower budgets, leased cars have smaller monthly payments than financed cars, as well as lower repair costs. And if you’re interested in car technology and want to keep up with the latest tech, leasing is a no-hassle way to get a new car every three years.

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Buy​ 

  • You own the car!
  • You're probably making monthly payments unless you paid with cash.
  • Forgetting to make payments is grounds for the car to be repossessed and can negatively affect your credit.
  • The more you put down up-front, the less your monthly payments will be.
  • After you’ve paid it all off, you will receive your clear title saying you don't owe any more money.
  • When it becomes your car, you can keep it, sell it, or trade it. Have your car routinely checked and cleaned.​ 

Lease

  • You pay a lower monthly payment and can avoid the steep interest rates of a car loan.
  • You do not own the car at any time during or end of the lease. Some dealerships may allow a "lease to own" contract.
  • When the lease is up, you turn the car over to the dealership and find a new lease or buy a car.
  • You can lease a new car every few years to ride in style, comfort, and on a budget. This is especially great if you're military, traveling, or need constant change.
  • You don’t have to worry about your asset depreciating.​ 

Which ever you decide come make Rothrock your dealer of choice!

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