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Should I Buy or Lease?

Once you have your eye on a new car that fits your Fort Collins drives, your next question might be, “should I buy or lease?” That’s a common question we see at Tyrrell Auto Centers, and while neither is better than the other, one option might be best for you. Read on with us to compare the advantages and disadvantages of leasing vs. buying, and if you have any questions along the way, the team in our finance department is ready to help. 

Leasing vs. Buying: Initial and Long-Term Costs

  • When wondering, “Should I buy or lease?” You’ll notice right away that leasing allows you to have lower monthly payments. As a result of leasing, you’ll also spend less on taxes and down payments. While a new lease every few years means you don’t have to worry about costly service or repairs, your payments won’t change much over the years.
  • If you’re considering financing a new ecar, you have the option to eliminate your monthly payments, and have the chance to find affordable used cars that fit your needs around Greeley. Often, those who pay off a financed car will end up spending less than continually leasing a vehicle, however, as the vehicle ages, repair costs tend to grow. 

The Bottom Line: It’s common to want the latest features and technology, and since most drivers around town tend to keep their vehicles for around three years, leasing can be the preferable option. If you’re still interested in buying, our finance team is happy to walk through your financing options. 

Leasing vs. Buying: Mileage Limits

  • A benefit of financing is that you don’t have to worry about mileage limits or restrictions. 
  • Those who lease have to be certain they’re staying within the restrictions of the lease terms, or accept the additional fee that can appear at the lease end.

The Bottom Line: The nice roads and scenic routes around Laramie can be tempting. Those who often take on the daily commute and errands around town may find a lease fits their needs, however, those taking on the weekend getaways and road trips will find that financing is a better fit. 

Leasing vs. Buying: Personalization and Additions

  • To truly get a vehicle that matches your style, buying or financing its full cost allows you to add whatever accessories and modifications that fits your needs. However, keep in mind extensive upgrades and additions of custom parts may void your warranty
  • For a lease, it’s best to keep the vehicle as close to the condition that you got it in. With a lease, the dealership still owns the vehicle, and will resell it after your lease ends.

The Bottom Line: When your relaxation takes you off the paved streets of Fort Collins or you’re looking for more thrilling performance, leasing may give you more obstacles than buying. 

Leasing vs. Buying: Freedom, Options, & Processes

  • While you’re locked into a contract, financing offers freedom when you want to sell or trade in the vehicle at any time (if your vehicle’s worth is more than what you owe). There are other flexible options that come with financing like finding lower rates with refinance, or the changes you make as you own the vehicle for as long as you like. 
  • When you’re searching for a capable vehicle, leasing is a convenient and quick option, as long as you take good care of the vehicle during the lease. When it’s returned at the end of the lease, you have the option to buy out the lease or head off the lot in a newly leased vehicle.

The Bottom Line: There’s no denying that Laramie drivers enjoy the simplicity of leasing. Yet, if you’re willing to take on maintaining and reselling a financed vehicle, you can value your trade to help offset future costs when it’s time to find a new model. 

Explore Car Buying Questions with Tyrrell Auto Centers!

Do you have a better idea of your answer to, “should I buy or lease?” If you’re still wondering if buying or leasing, contact us at Tyrrell Auto Centers to discuss your options further. Be sure to take a look at our other guides that dive deeper into how to buy a new car, and whether you can lease a used car

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