Should You Buy or Lease a New Vehicle

Aside from paying cash, there are two ways to purchase a vehicle. The standard option, financing, acquire the vehicle through a loan provided by the dealer or an outside lender. A second option, leasing, essentially allows a vehicle to be borrowed in exchange for a monthly fee. Determining which of these options best suits you can be difficult to discern, so let’s take a look at the nuances of each..

Purchasing a vehicle outright has its advantages and is the most common option for a reason. Under a standard purchase, the vehicle is completely owned by you, albeit with a lien attached by the lender. This means the lender can take the vehicle if you fail to make payments, but the vehicle is your property otherwise. This presents several advantages, including the ability to make modifications to the vehicle and to operate it as you see fit. Long-distance trips, extensive use, and maintenance are all at your discretion and you are free to do what you want with the vehicle.

For many people, that kind of flexibility is a must. However, leasing presents several benefits that can be appealing to the right kind of owner. Leased vehicles remain the property of the dealer, but the monthly payments are lower than a standard payment. This reduced payment makes it possible to acquire a more expensive vehicle than you would normally be able to afford a standard purchase. As a result, the vehicle is more likely to have the latest tech and safety features, including advanced options such as automatic emergency braking or driver assistance technology. Additionally, modern vehicle designs tend to be more efficient and can result in lower monthly costs due to decreased fuel consumption.

in addition to the latest and greatest features, leased vehicles generally benefit from improved warranty coverage and maintenance. Because the lease term is generally shorter than the manufacturer’s warranty, many of the most expensive repairs can be handled by the dealer’s service department at no cost to you. Periodic maintenance is often a prerequisite for a lease arrangement, but the regular cost can be easier to manage than sudden unexpected vehicle repairs.

In summary, leasing a vehicle can be a powerful benefit if you are a driver that fits a particular profile. If you are interested in learning more about leasing opportunities, or would just like to view what vehicles we have available, we encourage you to contact us. We are Firkins Auto Group, a family-owned and operated dealer of automobiles that has served Bradenton and surrounding areas for over 65 years. We invite you to visit our showroom, located at 2700 1st St, we look forward to meeting you!