Providence Autos breaks down the benefits and considerations for buying and leasing
When you come into our Quarryville dealership to get a new vehicle, you have two financing options: buying or leasing. Each has their benefits and some points to take into consideration. We'll break down the two options and help you decide what is the best for you, your wallet, and your lifestyle.
Benefits and considerations for buying a vehicle
When you buy a vehicle, you take out an auto loan through a lender or through the Chrysler Financial Services and pay off the entire amount. Most shoppers do a five- or six-year payment plan. Because you're paying off the entire amount of the vehicle you'll spend more each month than someone who is leasing.
Buying definitely has its benefits, though, despite the higher payments!
- Since you'll own the vehicle, there are zero restrictions on how much you drive around Lancaster, New Holland, and beyond
- You can service your vehicle whenever (though we always suggest staying on the manufacturer's schedule)
- You can customize it with any parts
Another big benefit is that one day you'll be payment-free and you have the option of doing a private sale in the future or passing it down to your son or daughter when they turn sixteen! With a lease it goes back to the dealer.
Benefits and considerations for leasing a vehicle
Leases last a shorter length of time - typically two or three years. The plus side is that you'll have a lower car payment than those who buy. This is good for budget shoppers and even those who want to get a higher trim level or vehicle that would be out of their financial reach if they were buying.
The big restriction for leasing is that you do have yearly mileage limitations and those range from 10K to 12K miles per year. If you have a short commute from your home in Oxford or York or don't drive a lot, this could be perfect!
Leasing is also a great choice for people who tend to get bored of their vehicles sooner and want to stay up to date with the latest and greatest technology. Basically, if the idea of driving the same vehicle around for 10 years seems like torture (even though you'll be payment free), leasing might be up your alley!
For more information on buying versus leasing, stop into our dealership today!
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