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Buying vs. Leasing

Maybe your previous car broke down or perhaps it’s just time for a change. No matter the circumstances, the search for your next vehicle leaves you with an abundance of choices. What brand should you choose? Should you look for new or used cars? Is it better to buy or lease? Every consumer faces these decisions and if you haven’t gone through this process before, it can feel a little intimidating.

While we have various resources on our site to help you answer those questions, we’re dedicating this space to help you understand the different ways to own a car in our buying vs. leasing comparison.

The Advantages of Buying

Buying a car is a more straightforward form of ownership, as it follows the same logic as other items you own. When you buy, you are free to modify your car with accessories and performance upgrades as you see fit. You aren’t locked in a two or three year lease contract and you are free to sell whenever you please.

While your initial payments will be higher when you buy, you don’t have to concern yourself with mileage limits and meticulous upkeep. In the long run, buying tends to be the more cost-effective option, but it will tie up more of your cash with a larger down payment or a lengthier financing plan. After the car is paid for, however; you can drive for the cost of gas years after making your final payment.

The Advantages of Leasing

Leasing is an attractive option for drivers who always want to be behind the wheel of the latest releases. Financially, a lease is a better short-term option as your down payment and monthly installments are typically lower than if you were to buy. While those payments are lower, they are always ongoing and you’ll be making monthly payments for the life of the lease and in the future if you continue leasing.

Certainly, a lease gets you more car for your money right away, but you also need to think about mileage limits. Most leases come with a 12,000 or 15,000-mile/year limit. If exceeded, up to $.25 per mile can be charged at the lease’s conclusion. Choosing between buying and leasing largely depends on your preferences and your short- and long-term financial planning. Weigh your options and stay posted to Bill Jacobs Kia for buying and leasing specials that may help influence your decision.