At Century Volvo, Huntsville area car shoppers often ask us the difference between buying vs. leasing. While both ultimately result in your taking the wheel, we want Florence and Cullman, AL, area drivers to understand the key differences between these two popular ways of financing a car.
So, we created this brief guide. Check it out and then contact us to start your auto financing journey today!
To help you decide whether you should buy or lease, we created this quick quiz. All you have to do is choose the group below that sounds the most like you.
Group One:
Group Two:
Are you in Group One or Group Two? Keep reading to learn what that means.
You'll probably want to lease a car if:
Leasing is like a long-term rental; you make a monthly payment to drive the car for 2-3 years and the dealership maintains ownership.
Since you're not financing the entire cost of the car, the monthly payment on a lease has a tendency to be slightly lower than it may have been if you'd bought the vehicle instead. Many shoppers like to put that financial wiggle room toward a trim level or feature upgrade they might not have considered otherwise.
The temporary nature of leases also means that you get to conveniently trade in your vehicle for the newest model every 2-3 years when your term ends. This allows you to drive a new car with the most up-to-date technology and design elements more often.
Buying a car is probably right for you if:
While buying often comes with a higher monthly payment than leasing might, the key draw to financing a vehicle is that it ultimately results in ownership. This means that every payment you make builds equity in the vehicle. Compare this to leasing, in which the dealership maintains ownership.
Also, since you own the car, buying doesn't usually involve the same kind of mileage limits you may experience when you lease. You also have the ability to upgrade your car with any accessories you want to install to make your ride your own.
Many car buyers like this level of freedom. However, we highly recommend keeping mileage and alterations to a minimum if you plan to trade in your vehicle again a few years down the road. This can help to keep the trade-in value higher.
We hope our guide to buying vs. leasing has helped you get some clarity. If you want to talk it over with one of our auto finance experts, you're always welcome to call our dealership here in the Huntsville, Florence, and Cullman, Alabama, area.
We're excited to work with you, so contact Century Volvo today!
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Century Volvo Cars
3800 University Drive N.W.
Huntsville, AL 35816
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