Buy vs. Lease In Corunna MI


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Buying and leasing a car have several major differences that could make one better than the other for drivers in different financial situations. Getting behind the wheel of a new vehicle is a major investment which means it's important to be sure that you can afford it. Take the time to examine both buying and leasing before making your final decision!


Leasing

Choosing to lease a vehicle is much different than buying a car outright. Leasing a car means taking out a contract that usually lasts around three years. Over the course of the contract, you'll pay for the difference between the new value and pre-determined used value at the end of the contract. You don't get to keep the car in the end, but you don't pay nearly as much per month either.

Leasing a vehicle comes with a variety of benefits, like the already-mentioned lower monthly payments. Leases generally don't require a hefty down payment either and there are few repair bills to speak of as most vehicles are covered by the basic bumper-to-bumper warranty for the duration of the contract.

On the downside, a lease usually comes with restrictions. You can only drive a certain number of miles per year or you'll face extra charges when you turn the car back in. You also can't modify or sell the vehicle. Interior and exterior damages can result in extra charges as well.


Buying

Buying a vehicle is choosing to purchase the vehicle outright. You'll enjoy the benefit of owning the vehicle entirely once the lease is up. You'll build equity as you continue to make monthly payments as well. You can also sell, modify, and drive the vehicle as much as you want, no strings attached.

On the other hand, buying a vehicle usually requires a hefty down payment and results in higher monthly payments as well. All repairs come out of your pocket once the warranties expire and, if not properly maintained, that can add up to a pretty penny.

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