Buying Vs. Leasing | Highland, IN


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As if the process of buying a car wasn't hard enough, here's another decision for you: should you buy a car or lease it? Both options come with their strengths, but they appeal to different people.

Buying a Vehicle

When you buy a new car, you're saddled with the full cost of the car. It's your job to pay off the auto loan plus interest after the amount you put down towards the full price. However, once you've paid off that car, it's yours to do whatever you like with-or, you can trade the vehicle back into the dealership and use the cash you get from its trade-in value to pay it off and get a new car. However, it's definitely more budget-savvy in the long run to pay off a car and keep it for the long term.

Leasing a Vehicle

You don't have to pay the full cost of a vehicle when you lease it. Instead, you cover the cost of depreciation. For example, if the vehicle in question costs $20,000 at the beginning of the lease and is predicted to cost $12,000 at the end of the lease, you'll only have to cover $8,000. This will be paid over time in monthly payments according to the contract's negotiated terms. Often, these contracts will also include stipulations that you maintain the car and keep it under a certain amount of miles, but at the end of the lease you can trade it in and lease a new car, or often you can buy the car for the remaining value.

Whichever option you end up choosing, whether you buy new or used ultimately comes down to your lifestyle. If you're the type to trade a car in every few years to get the latest options, leasing a vehicle is probably a more affordable option. Additionally, if you prefer to save money by paying off a car to own it, you should buy one instead.

Are you looking to buy or lease a vehicle? Stop into Webb Ford today for the perfect deals! We're located at 9809 Indianapolis Boulevard in Highland, Indiana 46322.