Leasing vs Buying in Columbiana
Leasing vs Buying
Brought to you by Columbiana DCJR
If you've been thinking about upgrading to a new vehicle or perhaps investing in your very first vehicle you're probably wondering if you should lease or buy. There are some major differences between the two options and below we're going to break down what it means to lease a vehicle versus what is means to buy a vehicle.
How Leasing and Buying Differ
Ownership
We'll start with ownership. When you decide to buy a vehicle, you are choosing to own it either forever or until you decide to sell it. Leasing a vehicle means you do not own the vehicle, and you have to return the vehicle back to the dealership when the lease contract is completed.
Up-Front Cost
When you lease a vehicle, you will have to provide the first month's payment, an acquisition fee, a refundable security deposit, a down payment, registration, and taxes, among other fees. When you go to buy a vehicle, you will have to provide a down payment if you are not purchasing the vehicle outright, registration, and taxes, among other fees.
Monthly Payments
Leasing a vehicle means you are only paying the cost of the vehicle, while it is in your possession. This means lease payments are generally lower than loan payments, due to the fact you are only paying for part of the vehicle's value instead of paying for the entire cost of the vehicle.
Mileage
Buying a vehicle means you are free to drive that vehicle as much as you want. You could put 50,000 miles on your vehicle in one year if you really wanted to. Leasing, on the other hand, limits the number of miles you can drive per year. If you exceed your limit, you will face additional fees and charges, but you can negotiate a higher mileage limit if you know you will exceed the typical 12,000 to 15,000 miles per year contract.
Buying and Leasing at Columbiana CDJR
Whether you think buying or leasing a vehicle is right for you, we here at Columbiana CDJR are ready to help you drive off in your dream vehicle at a price that works for you. If you're still unsure about which option is right for you are sales team will be more than happy to explain all of the differences and figure out which option is best suited for your lifestyle.