Should I Buy or Lease My Next Car?

Man and Woman Signing Contract

You’ve decided that a new Acura is the right choice for your next vehicle, but do you know which is the best way to acquire it? Should you buy or lease? We get that question a lot. Neither option is inherently better than the other; it all depends on your financial situation and how you plan to drive your new vehicle. Take a look at the difference between leasing vs. buying with Acura of Milford for help in deciding which option is right for you. 

Leasing vs. Buying: Long and Short-Term Costs

  • Benefits of leasing: Financially, leasing is a great choice if you need to save money up front on your new vehicle, as your down payment and monthly payments will be lower. You’ll also save on sales taxes. You will most likely always be driving a vehicle that’s under warranty, so you won’t have to pay for factory-related repairs. 
  • Benefits of buying: In the long run, you’ll save money when you purchase an Acura for your Fairfield driving, especially because you’re able to sell or trade a purchased vehicle. You’ll enjoy the benefits of ownership, like being able to customize your vehicle, not having to adhere to mileage limits, and keeping your vehicle for as long as you’d like. 

The Bottom Line: The average driver keeps their vehicle for around three years, which is the amount of time of most leases. If you want to keep your car for the long haul and enjoy the perks of building equity, buying is a most cost-effective and flexible option for you. But if you like switching cars every few years and getting the most up-to-date features available, a lease is right for you.

Leasing vs. Buying: Mileage & Restrictions

  • Buying: You won’t have any restrictions like mileage limits. 
  • Leasing: A lease comes with mileage limits that will be fined if you go over. If you like long road trips for Bridgeport, a lease probably isn’t your best option. 

The Bottom Line: Leases are great for drivers who mostly stick to local driving like their daily commute. For road trippers, buying is the better option. 

Leasing vs. Buying: Customization

  • Buying: Add whatever accessories you want. When you finance a vehicle, you can modify your vehicle with upgrades, accessories, and decorations. As long as you choose parts that won’t void your warranty coverage, there aren’t any repercussions. 
  • Leasing: The vehicle needs to remain in factory condition, minus normal wear and tear. 

The Bottom Line: Whether you plan to customize your vehicle with off-roading or cargo accessories, or you just like to express your style through your car, you should consider buying. If you love your Acura as it was when you first got it, leasing will work for you. 

Leasing vs. Buying: Freedom, Options, & Processes

  • Buying: Even though you’re in a contract with your financier to pay off your auto loan, you can still sell or trade your vehicle whenever you want. You can also refinance for lower monthly payments. And as mentioned above, there’s no limit on how long you can keep your vehicle. 
  • Leasing: Just take good care of the vehicle while it’s in your possession, drive it back to our lease return center at the end of your term, and drive home in a new vehicle. You don’t have to find someone to take your car off your hands when your lease ends. 

The Bottom Line: The simplicity of leasing is a major draw for many drivers. But if you’re comfortable maintaining and reselling a vehicle, the money you get for trading in or selling your vehicle might be more appealing to you. 

Buy or Lease, Find Your Next Vehicle at Acura of Milford

No matter how you answer, “Should I buy or lease?” find your next Acura at Acura of Milford. Save on your interest rate for both options when you apply for financing with us. Consult our car buying tips to learn more about the car-buying process. 

 

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1503 Boston Post Rd. • Milford, CT 06460

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Acura of Milford 41.2431381, -73.0294963.