Lease or Buy

Leasing

Buying

Gives you the freedom to:

Gives you the freedom to:

Experience “new” more often

Many contracts to buy a vehicle can last from 4-7 years, but lease contracts typically run only 2-3 years. Get access to the newest in technology, styling and performance more often.

Apply your personal touch

If you’re the type who needs to put your own personal stamp on your vehicle with cosmetic alterations, then buying might be your best route. Make sure to check your contract before making any modifications.

Pay for the best miles

By getting a monthly payment that is in tune with how much you drive, you’re paying for mileage in the best part of the vehicle’s life: when it’s still new and usually under warranty. Remember to always mind your lease mileage limit.

Drive without limits

Mileage limits of varying levels exist on all leases. Some drivers don’t worry about keeping track of how far they travel. For those drivers, buying might make more sense.

Potentially save money

Because you’re only paying to drive a leased vehicle for a fixed period of time, the payments are typically lower than with buying. Have your dealer walk you through the cost difference.

Worry less about wear and use

Depending on your lease agreement, you may need to make repairs if you have excess wear and use. If you’re buying your vehicle, many repairs are optional.

Worry less about depreciation

There is some truth to the old adage that a vehicle decreases in value as soon as it leaves the lot. If you lease and drive to the end of your agreement, you can enjoy driving without worrying about the decrease in value.

Build equity

Building equity and eventually owning a vehicle outright are part of the financial plan for many drivers. Once you cross the finish line of your contract, you’re able to cruise payment free or trade it in.