Lease Or Buy A Car In Lake City FL
Leasing vs. Buying a New Car
Pros & Cons of Leasing vs. Financing a New Car
Lease Car vs. Buy New: Which Should You Choose?
When it comes to acquiring a new car in Lake City, FL, you have two options: you either lease one or finance it via a car loan. While both options have their benefits, the choice of whether to lease a new car or buy one is essentially a personal one. A car lease or finance may be best for you depending on whether you prefer to drive a new car every few years or would rather maintain one car long term.
This handy guide has all the information you need to decide which option is the right choice for you. Please keep reading to discover the pros and cons of leasing and buying a new car, then visit our dealership at Rountree Moore Nissan, Lake City, FL, to check out our latest cars.
Benefits of Leasing a New Car
When you lease a new car, there are some inherent advantages that you’ll find appealing. One of such benefits is that you avoid riding out the initial depreciation that occurs when you buy a new car and drive it off the lot.
In addition, leasing a car is much cheaper than financing its purchase since you’re only paying a percentage of the total price for the time that you use it. Leasing also allows you to get a new vehicle without paying a large down payment. Another advantage of leasing vs. financing a new car is that leasing is more affordable than buying both in terms of monthly payments and total cost.
If you frequently upgrade to a new model year, leasing will also allow you to enjoy more contemporary comfort and technology features. As well as that, leasing a new car enables you to enjoy more luxury features by upgrading to a more expensive car than you could buy outright because lease payments are typically lower than loan payments.
Further, leasing offers greater flexibility than financing in that you can choose to return the car and exchange it for a new vehicle at the end of your lease term, buy your leased car, or simply walk away. All you have to do is keep it as close to factory condition as possible.
On the flip side, leased vehicles may require a fee to be paid if you go over the agreed mileage limit. In addition, you cannot customize a leased vehicle. This is so that the dealership can resell it at the end of the lease term. Another disadvantage of leasing is that you will not own the car at the end of the lease period but will rather return it to the leasing entity.
Benefits of Financing a New Car
One of the significant benefits of financing your new car is that you will eventually own the vehicle if you maintain the payments. Also, there are no mileage limits or restrictions when you finance. Besides, financing a car allows you to customize it as you wish or even sell or trade it at any time, even if you’re locked into a financing contract. Financing also means you’ll be able to drive as much as you want without penalty since there are no mileage restrictions.
On the downside, you may pay a larger down payment and larger monthly payments when you finance a car.
Financing is typically best for drivers who keep their vehicles for no less than five years. However, this also means you’ll have to incur maintenance costs to keep the car in good condition once your warranty expires.
When Should I Lease or Finance a New Car?
If you keep your vehicle for an average of three years or less, frequently upgrade to a car with the latest features, or mostly use your vehicle for short commutes, leasing can be a good option for you.
However, if you’re comfortable maintaining your vehicle long-term or like to customize your car, financing is better.
Explore Your Leasing & Financing Options at Rountree Moore Nissan
If you’re looking to lease or finance a new or used car in Lake City, check out the selection Rountree Moore Nissan has available. Please browse our inventory online or visit Rountree Moore Nissan, Lake City, FL, to test-drive our latest models.