Should I Buy or Lease?

Should I buy or lease? That’s a question that many Stoneham-area drivers grapple with when shopping for a new car, truck, or SUV. So, is it better to lease or buy a car? There are benefits to both, but in the end it will come down to what your personal preferences are and what you can afford. Learn more about leasing vs. buying a car in this guide from the finance team at Albrecht Buick GMC of Wakefield in Wakefield.

Leasing vs. Buying a Car: Long and Short-Term Costs

• Leasing offers lower monthly payments, and you’ll also spend less on the down payment and taxes. If you start a new lease every few years, your payments won’t change much and you won’t need to worry about escalating service or repair costs.
• Financing allows you to eventually eliminate your monthly payment entirely, and buying a used vehicle is often more affordable than leasing a new car. In addition, drivers who pay off their financed vehicle will spend less overall than a driver who continues to lease, however you should keep in mind that repair costs tend to increase as a vehicle ages.

Leasing vs. Buying a Car: Mileage & Restrictions

• When financing a car you will not have to worry about mileage limits or restrictions.
• When leasing a vehicle, you’ll have to stay within certain strict boundaries or pay a fee at the end of your lease term. 

Leasing vs. Buying a Car: Total Ownership and Customization

• When you buy a vehicle you are free to add whatever accessories you want. You can also modify the vehicle with custom parts or performance upgrades if you choose. Just make sure that the upgrades you want will not affect your warranty coverage.
• When you lease, you’ll need to keep the vehicle in as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it once the lease term ends.

Leasing vs. Buying a Car: Convenience vs. Flexibility

• Financing offers flexibility. Even though you’re locked into a contract, you can sell or trade-in the vehicle at any time, as long as the vehicle is worth more than you owe. You may also have the option to pay off your loan early or refinance for a lower interest rate. And of course, the vehicle is yours to keep for as long as you like.
• Leasing is easy and convenient. As long as you take good care of the vehicle while it’s in your possession, just drive it back to our lease return center at the end of your term, and drive home in a new leased vehicle. You might also have the option to buy out the lease to take full ownership if you so desire.

Explore Your Leasing and Financing Options with Albrecht Buick GMC of Wakefield

Should I buy or lease? Is it better to lease or buy a car? As you can see, there are advantages and disadvantages to both, so it will depend on what you feel most comfortable with. The experts at Albrecht Buick GMC of Wakefield have helped drivers from throughout the Lynnfield and Medford area secure the loan or lease that is the best fit with their budget and we can do the same for you. Take a look at our current lease and finance offers, and if you have any questions, please don’t hesitate to contact us.