Leasing vs Buying

You need a new vehicle. But is it better to lease or buy a car? Which makes more sense? What’s the difference between leasing and buying a car? Our friendlyFinance Department has helped numerous customers just like you solve their own lease vs. buying conundrums. Read our handy guide below to find out which is right for you.

Lease or Buy a Car – Which is Better?

Whether to lease or buy a car comes down to how much you can afford to spend upfront and what your monthly budget is. Generally, leasing saves you money up front, while buying may save you in the long run. That’s the main difference between leasing and buying a car.

Advantages of Buying

• Less Cost in the Long Term – You will spend less money in the long term when you buy instead of lease.
• Unlimited Mileage – Do you intend to do a lot of over-the-road travelling outside the Kansas City area? It doesn’t matter when you buy. Rack up as many miles as you need.
• You Own it – When you buy your vehicle, you own it. That means you have equity. This is the most obvious difference between leasing and buying a car.
• Make it Your Own – Customize your car however you want. It’s yours.
• Sell it If You Want To – Sell your vehicle whenever you choose.
• More Financing Options – More financing options open up to you when you choose to buy.

Advantages of Leasing

• Lower Sales Tax – In most states, leasing a vehicle drastically lowers sales tax.
• Simpler Trade-In Process – Just turn your car in at the end of the lease and start a lease on a new one.
• Lower Monthly Payments – This is the most important factor to many Overland Park drivers who are trying to decide or lease or buy a car.
• Warranties – Leased automobiles are always under warranty, as long as you stay under the mileage limit.
• The Latest Features  – Because you’ll be in a brand-new vehicle every couple of years, you’ll always have the latest feature options at your disposal.