Should I Buy or Lease?

Woman shaking mans hand over a car contract clipboard with car keys
 

Are you asking yourself, “Should I buy or lease a car?” If so, the team at Western Motors Fresno is here to help. We know that buying a car takes time, which is why we try to keep things simple for our customers. Learn more about leasing vs. buying in our guide below, so that you can make a solid financial decision. Whether you’re buying a used or certified pre-owned model, we can help you find the right vehicle for your needs.

Leasing vs. Buying a Vehicle in Fresno

So, should I buy or lease a car? Leasing a car is similar to renting a car for a long-term contract period. When you choose to lease, you will make monthly payments for a specific period. You won’t be able to build equity as you would from outright buying the vehicle. Leasing a car is similar to renting a car for a longer contracted term, this means you won’t be able to build equity as you would outright buying the vehicle. When your car lease is up, you can trade in your vehicle and replace one leased car with another, buy the vehicle outright, or terminate your lease.

Pros and Cons of Leasing a Car

Pros:

  • Lower Monthly Payments: You’ll have a smaller down payment if you plan to lease a car around Visalia.
  • Worry-Free Maintenance: Many vehicles will come with a three-year lease. During this time, most auto repairs and services are covered under the terms of an existing lease.
  • No Resale Worries: When leasing, you can just return the car. If you do exceed the agreed-upon mileage, or there’s some wear and tear, you will have to pay some fees.
  • Get a New Car Every Few Years: You can return your car every few years so that you can upgrade to the latest vehicles and tech.

Cons: 

  • Mileage Requirements: If you exceed your agreed-upon mileage, you will be required to pay fees.
  • Constant Monthly Payments: You will need to maintain those monthly payments to keep your car, and that is consistent throughout the lease period.

Pros and Cons of Buying a Car

Pros:

  • Ownership: You can buy the car, and once your monthly payments are finished, you can own the car outright. If you’re considering selling your vehicle, you can do that as well. 
  • Customize Your Vehicles: Leases have rules regarding what you can do with your vehicle. By owning your car, you won’t have to deal with those issues.
  • No Restrictions: You won’t have to worry about mileage rules, wear and tear, and other issues that might complicate your ownership.

Cons:

  • Higher Monthly Payments: If you lease a car, you’ll have lower monthly payments when compared to outright buying.
  • Rapid Depreciation: New cars will lose between 15% and 50% of their total value in the first five years of ownership.
  • Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to make a larger down payment. Leasing a vehicle means less chance of having to do this.

Buy or Lease Your Next with Western Motors Fresno

Now that you better understand leasing vs. buying, you’ll find that Western Motors Fresno is the pre-owned Fresno dealership with the widest selection. Should you buy or lease a car? Well, that’s entirely up to you. While browsing our inventories, don’t forget to check out our pre-owned vehicle specials and see if you can save some more. See you shortly at Western Motors Fresno!

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