Buying vs Leasing

Here at Casey Kia, we love helping our customers with any part of the new car buying process. Part of that process, actually, is to help customers learn whether buying or leasing their next vehicle would be the best course of action. Some people assume that buying is simply the better option, but really it all depends on your circumstances and driving wants and needs as well.

If you like owning the same vehicle for years and years, getting the biggest return on your investment, than buying a new vehicle is likely the correct route for you. When you buy a new car, you'll probably have lower payments as well-as you'll have a longer time to pay off your vehicle. Once you pay off that note, then that car is all yours and you will be able to drive it until it no longer runs, hopefully many years after you first buy it.

However, there are legitimate reasons to prefer leasing a new car, though, too. For example, if you enjoy getting a new vehicle every few years, leasing a car is definitely the way to go. That way, you get to basically get yourself a Christmas gift every few years, turning in your old car for a new one. You have less responsibility when you lease a car, too, as you don't have to worry about it lasting for ten to fifteen years. 

 

                                                         Pros and Cons of Buying a New Car

                   Benefits of Buying a New Car                                                                Drawbacks of Buying a New Car

Long term onwership Larger Monthly Payments, unless spread out over longer period
Big return on investment  Larger down payments
Once paid off, you own it                                               Unpredictable resale value
No mileage restrictions More maintenance costs
Freedom to customize  

 

 

 

 

                                                     

                            

                                                          Pros and Cons of Leasing a New Car

                  Benefits of Leasing a New Car                                                               Drawbacks of Leasing a New Car

Lower down payment Mileage restrictions
Based on percentage of new car price     Early lease termination fees
Typically a warranty throughout lease   No alterations or modifications to the vehicle
Fewer maintenance costs Similar to renting the car, not building equity
No trade-in hassle  


 

 

 

 

 

As you can tell, the question of buying versus leasing a new vehicle depends almost entirely on your circumstances and what you want out of your next vehicle. To learn more about the process of buying or leasing a vehicle, come see us here at Casey Kia today!

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