Should I Buy or Lease My Next Vehicle?

October 30th, 2017 by

“Should I buy or lease?” That’s a common question among drivers looking to get behind the wheel of a new car. If you’re having an internal leasing vs. buying debate, don’t worry. Our friendly finance department has helped numerous Bloomington customers decide which is best for them. Read the guide below to help you decide.

Should I Buy or Lease?

When a customer asks us, “Should I buy or lease?”, the first thing we do is to help them assess their financial needs. Leasing vs. buying decisions generally depend on your budget and cash flow. Typically, leasing saves you money upfront, while buying may save you in the long run.

Leasing vs. Buying – Why Buy

  • No Mileage Restrictions: Buying may be right for you if you do a lot of on-the-road traveling outside the Peoria area.
  • Total Ownership: You have equity in your car because you own it.
  • Customization: There are no restrictions on how you customize a car that you own.
  • Ability to Sell: You can sell your vehicle whenever you choose.
  • Financing Options: Financing is usually easier and more accessible when buying.
  • Less Cost Over Time: Buying a used car and paying it off fairly quickly can cost less over time than leasing a new car.

Leasing vs. Buying – Why Lease

  • Lower Payments: This is probably the advantage of vehicle lease vs. buying that is attractive to most drivers.
  • Lower Sales Tax: In many areas, you only pay sales tax on your monthly payment, not the total value of the car.
  • Trade-Ins: It’s easy to swap your car at the end of your lease for a new one to tackle your Morton commute.
  • Great Coverage: Leased automobiles are covered by warranty as long as you stay under the mileage limit.
  • Options: Because you’ll be in a brand-new vehicle every couple of years, you’ll always have the latest feature options at your disposal during Bloomington, Morton, Peoria drives.

Talk to the Finance Department at Sam Leman Automotive Group

Stop asking, “Should I buy or lease?” and talk to our financing staff about your options. Whatever you decide, it’s easy to get behind the wheel of your next car at Sam Leman Automotive Group. You can even apply for financing online. We have multiple dealership locations for you to explore so drop by or contact us today.