Should I Buy or Lease a Car?

Finance Paperwork with Glasses
 

Even before you visit the dealership and schedule a test drive for your favorite new model, you have an important question to ask yourself: Should I buy or lease my car? The answer is different for everyone. While someone in Puyallup may value the flexibility of leasing, someone in Tacoma might greatly prefer the long-term savings of a loan. In this guide, Sunset Chevrolet’s finance team will walk you through the differences between leasing vs. buying so you can make the right decision for your wallet.

 

 

The Benefits of Leasing

Between leasing vs. buying, why might leasing be right for you? First, let’s define leasing. A car lease is a short-term commitment of around two to three years. You’ll only have to pay the depreciation that occurs throughout your term, but you won’t build any equity or ever own the car. Think of it as an extended rental. Many drivers find this is a more versatile choice for those with bad credit. Here are a few benefits of leasing:

Next, what are the drawbacks of leasing? Because you don’t own the vehicle, you’ll have certain restrictions. You’ll need to stay under a certain mileage limit, and you can’t alter your car in any way. If you fail to do so, you’ll face a fine when you turn in your vehicle at the end of your lease.

The Benefits of Financing

Between leasing vs. buying, buying a car is still the most popular option for Auburn drivers. So, why choose to finance? Buying a car costs more upfront, but you are working toward eventual ownership. Once you own the car, it’s yours until you decide to sell it. That means no more payments. Here are some of the benefits of financing:

  • More cost-effective investment
  • Total ownership
  • No mileage or modification restrictions

What are the drawbacks of financing? Financing tends to cost more than leasing, and while the long-term investment is well worth it for most drivers, you’ll need a certain amount of money upfront. Think not just about sticker cost, but also registration fees, sales tax, and more.

Explore Leasing vs. Buying With Sunset Chevrolet’s Financiers

So, should you buy or lease a car in Sumner? If you’re still not sure which way to go, we recommend getting more information from our experts. Feel free to contact us with any questions or stop by our offices for financing advice. The Sunset Chevrolet finance team can help you weigh the pros and cons of leasing vs. buying so you can sign your next contract with total confidence!

 

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