Automotive Financing: Lease vs. Buy
You’ve found the perfect make and model, you’ve picked out your trim, and you even know the color. But, is it better for you to lease or buy? While everyone has their own preferences, the truth is that both methods have their distinct advantages. One person might prefer the stability of ownership, while another might enjoy the flexibility of a lease. Let’s get into the basics between lease vs. buy, so you can find the plan that is right for your particular needs.
When you buy a car, you pay your down payment and monthly costs to earn equity toward the vehicle. And once you’ve paid that loan in full, you are the full owner of the car. Ownership has its benefits. You’re free to:
- Customize your car all you’d like
- Drive it as much as you’d like
- Resell it if you’re ready to move on
Plus, once you’ve paid for the car, you’ve freed up that amount in your budget. Buying long term is a big commitment with a higher up-front cost, but these financial benefits can pay off in a big way if you have patience.
Leasing an Acura is a more flexible option because it’s a shorter-term commitment, usually lasting between 2 or 3 years.
Typically, your down payment and monthly fees are lower because depreciation is already factored into your car’s cost. That means it’s often more affordable, especially if you’re looking at luxury models.
You can enjoy your vehicle for the duration of your contract and once you’ve reached the end, simply return your leased Acura to the dealership and pick out a new model. No need to worry about resale value or wear and tear. However, you cannot customize your car and some leases have mileage restrictions.
Learn More with McGrath Acura
We’ve scratched the surface of buying vs. leasing a car, but we know you still have questions – and we’re happy to answer every one! Contact us for more information, and feel free to drop by McGrath Acura of Westmont for personalized advice from an expert.