Should You Buy or Lease a Car?
We all know the struggle when you have to make a decision about your next vehicle. Do you buy? Do you lease? Do you opt for new or used? There are so many questions that must be asked and answered. If you're choosing between leasing vs. buying a car, we're here to help. While buying is usually straightforward, leasing a car has additional details that you'll need to know when making your decision. Let's take a look at the differences between buying and leasing to arm you with the information you need.
Leasing Vs. Buying a Car
Leasing is typically a more cost-effective option up front. Rather than paying the purchase price of the vehicle, you're paying the depreciation value, which lowers your monthly payment; However, when you buy a car, you own the title. That means while you're paying more, you have the option to sell it.
If you are a person who always wants to drive a brand new car, leasing is the perfect option for you. You get to choose from the newest models, enjoy the latest technology, and breathe easy with updated safety features. You can dictate how long you'll have the car for by requesting a lease term that suits your needs. When you buy a car, you own it for it's lifetime. Of course, you have the option to trade-it-in or sell it, depending on whether you own it or not.
When you lease a vehicle, you decide on a lease term, usually between 1-5 years. This will be spelled out in your lease contract. It's similar to a rental agreement, where you don't own the title to the car. When you purchase a vehicle, it's yours until you decide to sell; However, if you finance the car, the title isn't yours until you've paid off your car loan. At that point, you own the car free and clear.
With car leasing, you're responsible for keeping your car in decent shape. Your lease contract will outline specific requirements that you'll need to follow. These include the number of miles you're allowed per year and what amounts to normal vs. excessive wear-and-tear. If you go above either of these, you will be required to pay overages. With buying a vehicle, you're not subject to the same restrictions. Since it's yours, you can drive it as many miles as you'd like. This also means that you're solely responsible for any costs associated with wear-and-tear.
Buy or Lease Your Next Vehicle at Bergstrom Madison
Now that you're armed with the facts, you can hopefully make your decision to lease vs. buy. Whether you choose to lease or buy your next vehicle, Bergstrom Madison has the experience and selection to help you find what you're searching for. If leasing is the best fit, view our car lease deals in Madison. Maybe buying makes more sense. Explore our inventory of new cars, trucks, and SUVs for sale now at one of our Madison and Middleton dealerships. If you have questions about buying or leasing a car near you, call us at (888) 627-1569 or visit a Bergstrom Madison dealership and our finance professionals will guide you through your purchase or lease.