Buy vs Lease

When you’re shopping for your next car, a question may come up as to whether or not you want to buy or lease. At Cloninger Ford, we want to explain to drivers in the Salisbury, Kannapolis, Lexington, and Mooresville areas the benefits of buying and leasing.

Why Should You Buy?

The traditional way people have gotten ahold of vehicles has usually been to buy them. Also known as financing, buying a car means that you pay for the value of the car in full plus added expenses including tax and interest.

Generally, when you go into the dealership to buy a car, you will take out an auto loan. Auto loans are pretty easy to get when purchasing a new car because the dealership can contact lenders for you. You can even look at available loans from home while on the dealership’s website with their available pre-approval process.

When dealing with actually buying a car, the downside and the upside are somewhat intertwined. While you do own the car and are free to drive as far as you like with it, you are also responsible for the depreciation it takes. Buying is an investment and you will feel the effects of that investment years down the line when you go to sell your car for a new one.

What is Leasing Anyway?

That’s a great question, in short, rather than buying your car you instead sign a contract to drive it for a period of a few years. Leasing’s main benefit is that you are able to drive a car at a reduced monthly cost.

Leasing is a great way for drivers to get ahold of a vehicle with some new technology. Leasing has long been used as a way for drivers take home luxury vehicles at a much lower price. This can also be a good idea if you’re very concerned about your monthly costs and you mostly just commute to work.

That part about commuting to work is important because leasing does come with some stipulations. Drivers who choose to lease are under contract to keep their vehicles in good condition, they also often have a yearly mileage limit. Excess damage or mile overages can cost lessees money upon return of the vehicle.

Which is Right for You?

If you drive a lot and want the freedom of owning your car, buying a vehicle is a great choice. Buying a car comes with a lot of responsibility but drivers who spend a lot of time in their cars will benefit from the uncapped mileage.

That being said, if you’re a commuter who wants a fun vehicle at a low monthly fee, leasing is a great option for you. Leasing is popular because it enables drivers to take home a great car at a low price. Just make sure you’re fine with not owning the car you drive while leasing.

Visit the Finance Center at our Dealership

Drivers in the Salisbury, Kannapolis, Lexington, and Mooresville areas looking to take home a new vehicle should visit our dealership. At Cloninger Ford, we want drivers to be well informed on their financing options when shopping for a car.

If you’re interested in buying or leasing a new vehicle, explore our website and get pre-approved today!