After you decide what new car you’re going to buy, the next biggest decision you have to make is whether to buy or lease your vehicle. There are pros and cons to each type of financing. If you’re wondering whether buying or leasing is right for you, we’re here to help! Here are some of the most frequently asked questions regarding buying vs. leasing.
If you drive a lot, buying your vehicle is probably the best answer. A lease typically limits you 12,000 – 15,000 miles a year. When you purchase a vehicle, there is no limit to the amount of miles you can put on your car.
For those consumers whose financial situation means that high monthly payments aren’t the best option, then leasing is the right choice. Lease payments are almost always lower than loan payments.
Buying is the best option if you want to customize your car. If you customize a leased car, you have to restore it back to its original look before you return it. Returning a modified vehicle on a lease could potentially lead to a hefty fee.
Saving up for a vehicle can take a lot of time. If a large down payment isn’t available to you, then we suggest leasing your new vehicle. Most down payments are negotiable on leased cars and can be low or literally nothing.
Definitely buy your vehicle if off-roading is a favorite hobby of yours. Excessive wear and tear on leased vehicles can rack up a large charge, costing you more than it would if you were to purchase the vehicle.
Lease your vehicle if you have a low credit score. Though having a good credit score is important, you’ll have a better chance of qualifying for lease payments over a loan.
If you still have question about whether buying or leasing is the right option for you, stop by Don Robinson Mitsubishi today and we will glad to help! If you are ready to start your car buying process, fill out our quick and easy online application to get you started today!
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