Buying vs Leasing
Which is best for you?
When you’re in the market for a new ride, you might get stuck trying to decide if it’s better to buy a car or lease it. Both methods of car ownership have their merits and whichever one you choose will most likely depend on your lifestyle, preferences, and what you’re looking for in a new car.
The process of leasing a vehicle involves borrowing the vehicle from a dealership for a limited amount of time without paying for the full value of the car. When calculating what you owe for a leased vehicle, dealerships will take the starting price of the vehicle and predict its value at the end of the lease period, which typically lasts about three years. What you pay is the difference between those two amounts, with an initial down payment and then subsequent low monthly payments.
One of the biggest benefits of leasing a vehicle for a limited time is that you’ll always have the latest in technology in your vehicle without having to pay off a car loan.
When buying a vehicle, the financial process is a little different but, in the long run, owners can acquire equity from getting a loan and paying off the vehicle over time. What some may consider the best part about buying a vehicle outright is the fact that there are no modification or mileage restrictions. This means you can drive your car as long as you want and keep it for the remainder of your life, if you wish.
No matter what method you choose for your new car, our team at Carriage Mitsubishi is here to help. Feel free to contact us or simply stop by with any questions you may have!