Leasing vs. Buying-Which is Better?

If you haven’t been looking for a new car for some time around Kansas City, you probably have a few questions on the differences between leasing vs. buying. In fact, one of the more common questions we receive at our Merriam dealership is, “Should I buy or lease a car?”

At Aristocrat Motors, our goal is to break down the benefits of leasing and buying for interested customers. Whichever one works best for your needs and budget in the present can make all the difference. You can also explore our new and pre-owned vehicle inventory and find one that meets your needs and budget.

The Benefits of Leasing 

So when debating leasing vs. buying, definitions are an important part. What is leasing? 

If a Overland Park driver decides to lease, they will essentially be renting their vehicle for several years. They won’t be able to build equity or sell the vehicle, meaning they’ll only have to pay for the depreciation that occurs over the duration of the lease term. This means that your monthly payments will be lower, and you’ll have a smaller down payment.

You also won’t have to pay as much in sales taxes. At the same time, there’s a lot more flexibility when it comes to the terms involved. For example, when the lease is up, you’ll be able to renew it, swap it out, or finance the lease’s remaining value.

The Benefits of Financing 

As we move through the question, “Should I buy or lease a car?,” we have to present both sides. When you decide to finance your vehicle, you’re taking out a loan on the full value of the vehicle. The final goal is to own the vehicle in the end.

The vehicle’s full value will be more than the depreciation that occurs during a temporary lease period. This also means you’ll have to make a larger down payment, pay more in sales tax and make larger monthly payments. 

However, a big difference with financing is that you’ll be able to sell your car at any time. As a result, you can recoup the thousands of dollars you’ve invested into the principal of your loan. In terms of cost-effectiveness, financing can be the best option. The big difference is that there are bigger costs upfront and on a month-by-month basis.

Explore Leasing vs. Buying With The Aristocrat Motors Finance Team!

Now that we’ve answered the question, “Should I buy or lease a car?” If you’re still not sure if leasing or buying is your best choice, call Aristocrat Motors at 913-404-5862. Reach out to our finance department if you have specific questions you need answers to. If you need to find out how much your monthly payments might be for each, turn to our payment calculator online. We’re happy to help our Leavenworth clients figure out their potential options. You can also explore our new manager’s specials to see how much more money you might save. Come to our Merriam dealership, we’ll see you soon!