Buying a Car vs. Leasing: Which Option is Best for Me?
Car shopping is an involved process, with various financial and logistical considerations that need to be taken into account. While many can find the experience stressful, you can give yourself significant peace of mind once you settle on the right model, such as the new 2021 Buick Envision. One component, of course, is whether or not you will own your vehicle.
No matter which vehicle you settle on, you will have two options; leasing or buying the vehicle of your dreams. Which option you go with will depend on multiple factors, ranging from personal finances to your own preferences. With all things considered, there may be certain circumstances that determine when someone should buy or lease a car, and knowing which option is best for your given situation will benefit your mental health long-term.
Which Payment Plan Can You Afford?
Your preferred means of compensation may impact whether you decide to buy or lease your new vehicle. When leasing a vehicle, you will accrue monthly costs until it is time to return the car, which can have pros and cons.
On one hand, you’re getting a vehicle with the latest technology during its most efficient years and may even have maintenance covered by the dealership as part of your lease terms. However, any car’s value depreciates as soon as you drive it off the lot, which means that the longer you have to shell out monthly lease payments, the more you end up actually paying for the loan — sometimes even more than you would have paid through a new car loan.
When it comes to buying a car, the price tag is likely more than it would have been for a lease. However, most dealerships will be flexible with your financing options, ranging from paying the full price in cash when you sign the contract or spacing out your payment plan long-term with smaller payments each period. Additionally, if you keep up with maintenance well enough with your vehicle, you can keep it long after paying it off, which ultimately brings your more value from that specific vehicle than you would have gotten if you decided to lease.
How Much Flexibility Do You Need?
Some people prefer to always have the next best thing, which is where leasing comes in handy. You are only getting the vehicle for a fixed amount of time, which means that you can consistently upgrade to the next best thing, ensuring that you always drive the car up to the latest standards.
That being said, that fixed amount of time can often be a dealbreaker for many people. If you don’t like the car, it is tricky to get out of your lease, and you might be stuck with it for longer than you would like. You also need to keep mileage limits in mind, which means you’ll have to budget how much you drive throughout the set leasing period to make sure you don’t go over and accrue more fees.
It should go without saying, but if you have full ownership of the car, you have the freedom to drive it whenever you want and take care of it on your schedule with your own preferred mechanics. Plus, if you ever decide that it’s time for an upgrade, selling your car is an option at your disposal. However, you’re likely going to have to worry about the car’s eventual deterioration as the miles start to rack up, which can make driving your car something of a gamble in its later years.
So, Should I Buy or Lease?
Ultimately, there is no right or wrong answer to this question. You should evaluate factors such as the purchase price, your credit score, and any other criteria included in the car-buying process. Once this has been considered, see how each of the instances mentioned here fits your situation. Each option has its own set of benefits — it all comes down to which one makes the most sense for you.
Regardless of which one you choose, a local Bucks County auto dealer, such as Faulkner Buick GMC Trevose, will be able to bring you exactly what you are looking for, whether it be GMC lease options or our extensive variety of new Buick vehicles.
Find Your Next Vehicle at Faulkner Buick GMC Trevose
Once you realize that it’s time for a new vehicle, you can rely on Faulkner for the right car, truck, or SUV that you will be excited to drive in for however long that car is in your life. If you’re interested in buying or leasing one of our new Buick or GMC models, contact us today to schedule your test drive!