Should I Buy or Lease a Car: Pros vs. Cons

2021 GMC Yukon models

Many Longmont car shoppers are unsure how they should finance a new vehicle; should they should lease vs. buy a car, with many weighing their options with our Boulder dealership finance team. If you’re considering taking out a lease vs. buying a car or vice versa, there are many benefits that both routes give you financially.

If you ask yourself, “should I buy or lease a vehicle,” you aren’t alone; our finance center is there to help our customers with any of their financial needs when getting a new car. If you’re interested in what we can offer you, feel free to contact our finance team or visit our Broomfield-area dealership for more information or a test drive of our new vehicles!

Pros and Cons of Leasing vs. Buying a Car

If you ask our financial team, “Should I buy or lease one of your vehicles?” They will lay down all of the plans we have available to our customers. There are many benefits available with both getting a lease vs. buying a vehicle. However, depending on what your budget needs, it may be in your interest to choose one over the other. If you’re not sure what the advantages and disadvantages of taking out a lease vs. buy a car, learn more below:

Buying Pros:

  • You get a car with no miles on it
  • There’s no wear and tear on it
  • You’re able to sell or trade-in the vehicle because it’s your property
  • Lower interest payments

Buying Cons:

  • Depreciation occurs the more time you drive or own the vehicle
  • Higher insurance payments
  • You have to put down larger down-payments

Leasing Pros:

  • You can frequently upgrade to newer models
  • Lower monthly payments
  • Access to free or discounted service fees

Leasing Cons:

  • You take ownership of the car for a limited amount of time
  • You have a limited of number miles you can drive
  • You have to pay additional payments in case of an accident or repairs.

Depending on your budget and how much you pay in monthly fees, you should strongly consider whether leasing vs. buying a new car is in your interest. Leasing may be ideal for someone who likes switching cars every year or so, while buying is great for those Louisville drivers who want to own a vehicle. Once you are ready to buy or lease, learn about trading in a financed car to get your next car.
 

Visit Us at McCaddon Buick GMC for Financial Service and More!

Don’t hesitate to save money and choose a plan that’s right for you. If you have questions like, visit our Arvada-area dealership to talk to a financial expert that’ll highlight a plan that’s right for you. Contact us or visit us for in-person service on leasing vs. buying a new car! 

 

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