Lease vs Buy

If you're looking for your next car, you're probably exploring all your options. While searching around Doylestown, Philadelphia, and Warminster, you might be looking for the best models, trims, and features that are going to propel the driving experience. But one of the most important decisions that you need to make is choosing whether to lease vs buy. Both of these options have their benefits, but at Fred Beans Ford, we're here to help you learn more so you can determine whether you should lease or buy your next car.

Reasons for Leasing a Car

 If you're not ready to purchase a car, you may want to consider leasing it instead. The lease is like renting a car, but for a longer term with reasonable rates. You've got your transportation taken care of, and the car even has warranties that can help you take care of the occasional oil change and light service.

The major benefit to leasing over buying is that the monthly payments are much lower than if you had purchased the car. However, you're not paying to own the vehicle, you're simply paying for its depreciation. But when your lease term is up, you have a few options like buying the car out of the lease, leasing a newer model, or even walking away entirely.

While the lease is simply a temporary fix for the I need a car situation, it does allow you to get the right experience with a vehicle for a lower price than if you would've purchased it. After your lease term, you have the option to walk away or purchase the vehicle for the current cost of the car. Or, you could get another lease to get experience with a different model.

But while leasing a car seems like the best option, there are a few terms and conditions that you agree to when you sign the deal. You're given a mileage limit with the vehicle, and you'll have to pay for any mileage that you go over. You also need to return the vehicle in pristine condition-any scratches, tears, burns, or scuffs will be noticed, and you'll need to pay for the damages.

Reasons for Buying a Car

There are many benefits to owning a car. You're not limited by how many miles you put on it, so you can take as many road trips and vacations as you'd like. You can even add some accessories to your vehicle, or even add a new paint job. The car is yours, and you're free to do with it as you please. You're even free to sell it when you're ready to move on.

 Owning a car has a lot of responsibility attached. When you first sign the deal, you'll be shown some extended warranty options. These may seem unnecessary at the time, however, later in the vehicle's life, these warranties can be a major benefit because they cover the important and costly components of your vehicle. If you avoid adding on an extended warranty or two, you'll have to pay out of pocket for your service and repairs.

Price is a huge factor in the lease vs buy argument, and purchasing a car is the more costly option. However, you're paying to own the vehicle, not borrow it. The monthly payments may be higher, but you don't have to turn the vehicle back in when you're done. You can actually reduce the costs of the monthly payments by putting more money down when you sign.

Which Option Should I Choose?

Our team at Fred Beans Ford of Doylestown hopes that this lease vs buy guide helped clear up a few things about these two popular options. You learned a great deal about both options in terms of their advantages. When the time comes to find your next car, weigh these two options carefully to see which one is the better choice for you.

Want to start reviewing your options? Contact us at Fred Beans Ford of Doylestown near Doylestown, Philadelphia, and Warminster, to hear about our great leasing vs buying options.