Buying VS Leasing A New Vehicle | Ponca City, OK
When you’re looking for a new vehicle, it’s important to think about whether buying or leasing is the best option for you. Depending on your budget, driving habits, and interests, either one might fit better into your lifestyle. If you have more questions about buying or leasing a car, contact us at Jack Bowker Ford Lincoln in Ponca City, OK.
What’s The Difference?
While buying, or financing, means you own the car while you pay it off, leasing a car is like renting an apartment—it still belongs to the company you’re leasing from, and you pay to use it for the length of the lease term, usually two or three years.
How Much Does It Cost?
Buying is more expensive on a month-to-month basis, with higher payments and a larger down-payment up front. With leasing, you’re only paying for the amount the car depreciates rather than the full price of the car, so the monthly payments are significantly lower.
On the other hand, when you buy a car, eventually you’ll pay off the full amount of the loan and stop making payments on it, if you decide to keep it that long. Then the cost of ownership goes down significantly, whereas if you lease cars one after another, you’ll always have a monthly payment.
Long-Term Commitment Or Exciting New Features?
Drivers who want to commit to a car long-term should go with buying. If you’re not interested in bells and whistles and just want a reliable car that will stay with your family for years to come, leasing probably isn’t for you. Buying a car also gives you a lot more freedom, so if you want to change a paint color, add modifications, or even use it for long-distance driving, you’d do better as an owner than a leasee.
If you think you’ll only keep your car for a couple of years before trading it in for a newer model, you should definitely consider leasing. You’ll save money on payments, and the process of returning a leased vehicle is a lot more straightforward. Drivers who want their car to have the latest technologies tend to prefer leasing.