Are You Going to Buy or Lease Your New Vehicle?

 

As you begin the process of looking at the cars for sale in Indiana, you will have one major choice to make early on in the process – buy or lease? There are plenty of positive elements to each option, but you will want to know which is right for you before starting out in your car search. Leasing might allow you to afford a nicer car because of potentially smaller monthly payments, but buying obviously provides the opportunity to hopefully drive the car payment-free once the loan has been satisfied. Understanding everything about both the buy and the lease option is your best bet when trying to make an informed decision.

The Benefits of Buying a Car

Most people tend to lean toward the option of buying instead of leasing, and there are some good reasons for it. First, most leases have a limit on the number of miles you can drive per year without incurring a penalty. While this works for some people, it can cause problems for others if they decide to take a couple of long trips, or their job moves and the daily commute becomes longer. When you own a car, you decide how many miles you put on it.

Of course, the main reason to purchase a vehicle is the hope that you can continue to drive it after it has been paid off. If you take out an auto loan to make the purchase, you will have to start to repay that loan on a monthly basis right away. When the loan is satisfied, however, you can continue to drive without a car payment as long as the car remains in good condition. The possibility of not having a monthly car payment for a period of time is a draw that many people can’t resist.

The Benefits of Leasing the Car

There is one major benefit to leasing that stands out above the rest – the ability to get a new model car more often. A common lease term is three years, meaning you would be able to turn in your leased vehicle at that time, and then potentially sign another lease for a new one. If you buy your vehicles, you probably won’t be upgrading every three years like you can when you lease. For those who like to have the latest gadgets and stylish vehicles, this is a benefit that is worth consideration.

In the end, there is no right answer in this debate. You will need to think about what is important to you, and whether a lease or purchase makes more sense for your budget and your lifestyle. If you need help making the choice, our team at Bloomington Ford will be happy to walk you through the benefits of each option so you can arrive at a confident decision that works for you. Thank you for taking the time to stop by our site, and we hope to serve you soon!used cars for sale

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Are You Going to Buy or Lease Your New Vehicle?