Should I Buy or Lease?

Are you debating leasing vs. buying when it comes to your next St. Louis ride? Whether you’re considering a new or certified pre-owned model, you might ask, “Should I buy or lease a car?” Since this is a major decision, it’s something you should discuss when it comes to your budget and needs.

At Weber Ford, we know this process can be time-consuming, so we’ve put together the following guide comparing leasing and buying a car. Learn more below and you can start the process by applying for financing from the comfort of your home.

Leasing vs. Buying a Vehicle

Should you buy or lease? Leasing a car near Collinsville is similar to renting a vehicle for a long-term contract. During this period, you will be locked into specified monthly payments. You won’t be able to build equity as you would from outright buying the vehicle. You are paying for the ability to use the car for a specific number of months and mileage as agreed upon between you and the dealership. So, when someone asks, “Should I buy or lease a car?” keep in mind the limitations a lease has. When the lease finishes, you can trade your vehicle in, replace one leased model with a new one, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: When comparing leasing and buying a car, you’ll have smaller down payments if you decide to lease your next Edwardsville ride.
• Worry-Free Maintenance: Many vehicles come with a three-year lease, with most repairs covered within your existing lease terms.
• No Resale Worries: When discussing leasing vs. buying, you can return your car when the lease concludes. If you exceed the agreed-upon mileage, or have some wear and tear, there may be some fees to pay.
• Get a New Car Every Few Years: When you return your car every few years, you can upgrade to the latest vehicle and automotive tech.

Cons: 

• Mileage Requirements: Remember that exceeding the agreed-upon mileage can result in you paying some fees.
• Constant Monthly Payments: During the lease period, you must maintain the monthly payments to keep your car.

Pros and Cons of Buying a Car

Pros:

• Ownership: When comparing leasing and buying a car, the latter allows you to own the vehicle outright once you finish your monthly payments. If you decide to sell it off or trade it in, you can do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Ford vehicle. Owning the car means you won’t have to deal with that.
• No Restrictions: You won’t have to worry about mileage rules, wear and tear, and other issues. Repairs and additional services are entirely at your discretion.

Cons:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same model you might consider buying.
• Rapid Depreciation: New vehicles lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment. Leasing your vehicle means a lower likelihood of this occurring.

Buy or Lease Your Next Vehicle with Weber Ford

What is the best answer to the question, “Should I buy or lease a car?” The truth is that this depends entirely on what’s best for your budget and Collinsville lifestyle. After browning our inventory, check out our new and pre-owned vehicle specials to see what catches your eye. Lease or buy your next Granite City ride at Weber Ford!