Leasing vs Buying

Leasing vs Buying

If you have your sights set on a new car, there’s a few important things you need to consider beyond the price and paint job. One important question to ask – what’s the benefit to leasing vs. buying?

To help provide the right answer, the team at Key Cars created this brief overview. Learn the facts before scheduling a test drive around the Milford, Manchester, and Middletown area!

Leasing vs Buying

What Does it Mean to Lease a Car?

In many ways, leasing a car is similar to signing a lease for an apartment. In this particular case, the dealership acts similar to a landlord, allowing drivers to drive a vehicle for a specified period of time. Like a rental property, terms are drawn up and the driver who leases is expected to pay a monthly fee for the duration of the lease.

A typical car lease can last anywhere from 24 to 48 months. Once this period ends, the driver has a few options to consider. They can renew their lease, return the vehicle or upgrade into a newer model.

Leasing vs Buying

What Are The Benefits to Leasing vs Buying?

Leasing is a great option for drivers who like staying up to date on vehicle trends without the need for a long-term contract. Leasing is also a nice option for someone who anticipates having a change to their lifestyle in the near future, like a new job or a growing family.

Since drivers are only expected to cover the cost of depreciation, plus a few annual fees, leasing often results in having lower monthly payments compared to buying. Extra perks you can obtain through leasing include:

  • Repairs covered by warranty
  • Model or trim level upgrade
  • Lower down payment
  • Fewer maintenance costs

Leasing vs Buying

What Are The Benefits to Buying?

For most drivers, owning your own vehicle is a source of pride. It also grants you greater control over how you choose to use your car.

Unlike with a lease, buying a car means having zero mileage limits. You also don’t ever have to worry about paying extra fees for any scrapes or dings you might incur over time. If at any point you wish to modify the engine or give it a new paint job, you have the freedom to customize it to your heart’s content. This is true even if you take out an auto loan.

Speaking of financing, once your vehicle is paid off, your vehicle is completely yours to keep or sell.

Leasing vs Buying

Easy Financing and Leasing Offers

No matter which route you’re leaning towards, leasing or buying a new car is a big decision. To help make the process simple, make it a point to contact our finance center.

Dedicated to helping you each step of the way, our specialists can lay out several options that best fit your lifestyle and budget. To take the first step, we encourage interested drivers complete a simple and secure pre-approval form.

Find Your Next Car

We hope you find our short guide to leasing vs. buying a helpful tool in your search for a new car. If you’re eager to learn more, contact the team at Key Cars or visit any of our locations throughout Milford, Manchester, and Middletown today!

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