Buying vs Leasing
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When it comes to paying for your next vehicle, you have two main choices: Buying and leasing. Both options have benefits to consider, but one may be a better fit for your lifestyle. In this guide, we at Feldman Ford of Detroit hope to help you decide which one that is. Shoppers near Detroit, Dearborn, and Highland Park should read ahead to get started!
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Buying vs Leasing: The Main Difference
The biggest difference between buying and leasing your next vehicle is ownership. At the end of your payment plan when you buy your vehicle, you will own it. Another big difference is payment. Most people take out a loan when purchasing a new vehicle.
Leasing is essentially the same as renting the vehicle but for a long period of time, typically two to four years. With a lease deal, you won’t have ownership of the vehicle once you’ve completed your lease. You’ll make monthly payments like you do with a loan, but they’ll be lower on average when compared to buying.
The Pros of Buying Your Next Vehicle
If you’re thinking that you want to make a long-term investment on your next vehicle, then buying is the option for you. There are many benefits to choosing a loan, including:
Variety: You’ll have a choice among virtually every vehicle that is for sale. Whether you want something that’s timeless and classic or the newest model on the lot, the automotive market is your oyster.
Personalization: Owning a car means making it truly yours from top to bottom. Choose the perfect trim, add customizations, and even accessorize with available OEM parts.
Investment: When you buy a vehicle, you have the right to do with it what you please. On down the road, you can use it as a trade-in for your next vehicle. That way, you’ll still be able to capitalize on the original investment you made.
Why Opt for a Lease for Your Next Vehicle
Leasing is a great option for those who may be getting their first vehicle or something that’s a bit more flexible. Check out the many benefits of going with a lease:
Lower Payments: On average, leases offer lower monthly payments as compared to a loan. Additionally, many lease deals don’t require a down payment.
Short-Term Commitment: With a lease, you can choose to keep the vehicle for as little as two years. Have the vehicle when you need it and leave room for change in the future.
Easy Options: When your lease ends, you have two simple options to choose from. Bring the vehicle back, and that’s it, or buy out your lease and keep your vehicle for years to come.
Still Have Questions about Buying vs Leasing?
We at Feldman Ford of Detroit hope this guide helped you get one step closer to pinpointing your payment plan for your next vehicle. If you still have questions or want to get started, we’re ready and eager to help!
Shoppers near Novi, Farmington Hills, and Wixom should give us a call today to schedule a time to come in for a test drive and to meet with our friendly finance team!
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| Monday | 8:00AM - 6:00PM |
| Tuesday | 8:00AM - 6:00PM |
| Wednesday | 8:00AM - 6:00PM |
| Thursday | 8:00AM - 6:00PM |
| Friday | 8:00AM - 6:00PM |
| Saturday | 8:00AM - 1:00PM |
| Sunday | Closed |
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| Tuesday | 8:00AM - 5:00PM |
| Wednesday | 8:00PM - 5:00PM |
| Thursday | 8:00AM - 5:00PM |
| Friday | 8:00AM - 5:00PM |
| Saturday | Closed |
| Sunday | Closed |