Buying vs. Leasing
Which Is Right For You?
Are you ready to shop for your next new car in Indianapolis, but you aren’t sure if leasing or buying is the right option for you? Let’s explore them together at Ray Skillman Auto Center.
Shopping for a new car can be a rather tedious process on its own, but trying to decide whether to buy or lease can put your mind into a tailspin. We believe you should know your options so you can choose the right one for you. Of course, there are benefits to both. We want to walk you through each one, so come along for the ride at Ray Skillman Auto Center today.
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Why Buy?
Is buying your vehicle outright the right option for you? If you tend to drive in excess of 36,000 miles every three years, purchasing your next vehicle may be the right choice for you. For instance, if your job requires you to drive daily or your family likes to adventure, you will most likely go over your mileage allowance on a lease.
Unlike leasing, you can finance your vehicle with any financial institute you choose. This gives you more options to get a lower interest rate. You will most likely be required to put a down payment on the vehicle you choose and your monthly payments will be a little higher typically. The great thing about buying is that you own your vehicle outright after the last payment is made. You can trade in your old vehicle to help lower the price of the vehicle you want to purchase, which can help lower the monthly payment, too.
You can sell your vehicle at any point when you buy your car, truck, or SUV, so you have a little more freedom than when leasing. If you tend to hold on to your vehicle for a long time, buying may be the right choice for you. Come explore your options at Ray Skillman Auto Center today.
Why Lease?
Leasing can be a fantastic money-saving option for people in the right situation for it. For instance, if you tend to drive less than 12,000 miles in a year, leasing might be an excellent option for you. Most leases limit mileage allowances to 12,000 miles per year so for professionals that work from home or parents, this can be a great option.
Leasing also typically offers a lower monthly payment that can save you money, which allows you to afford more out of your car, truck, or SUV. There is not usually a down payment required when leasing, but it will lower your monthly payment even more if you do decide to put one down.
Most stores will require the first month’s payment, security deposit, acquisition fees, and taxes, but this depends on whether there are specials going on in the store. You will not own the vehicle at the end of the lease unless you opt to purchase it at the end of the lease term. If you do go over mileage or other lease limitations like damage or tire wear, you may be required to pay extra when you turn your lease back in. The great part about leasing is that you get to upgrade every three years or so. Visit Ray Skillman Auto Center in Indianapolis for more information.
