If you're considering getting a new car to help you zip around St. Albans, South Burlington, and Chittenden County, then one of the primary decisions you'll have to make is how to purchase your new vehicle. While there are several options for purchasing a car, the most common funding sources are buying or leasing.
However, like most things in life, buying and leasing both come with their strengths and weaknesses, making it a wise idea to learn more about each option. Get more information about buying vs. leasing, which is right for you and how you can find your perfect vehicle at a reliable local dealership.
Leasing a Car
In the past, leasing a car was generally reserved for business purposes. In the modern age, however, more and more people are choosing to lease their vehicles instead of dealing with long term loans.
The major advantage of leasing is that you will often be able to get a more expensive model than you would otherwise. Additionally, your monthly lease payment will often be lower than a loan amount. However, there are some drawbacks to leasing. The primary negative to leasing a car is that your lease will often come with a yearly mileage restriction, and if you go over this amount you can end up paying expensive fees and penalties.
When your lease is up, you simply return your vehicle to the dealership, no fuss and no muss.
Buying a Car
For consumers in South Burlington, Chittenden County, and St. Albans that prefer to have their vehicle for an extended period of time, buying a car is a better option. Unlike leasing, where you return your car after a set period and gain no equity, when you buy a car you will eventually own it outright and can use its value to purchase a new vehicle when the time comes.
The main drawback when buying a car is in terms of its value, which is beholden to market forces beyond your control. Additionally, buying a car often requires an expensive down payment, which prevents many consumers from acquiring the level of vehicle that they're looking for. Also, your monthly payments can end up being very high depending on your loan terms and the type of car you're purchasing.
Which Option is Right for You?
Now that you know more about buying and leasing, you are better equipped to decide which option is right for you. Generally, choosing to buy or lease a car will come down to your specific budget. If you need a new car, but are worried about higher monthly payments, then leasing is the right choice; if you want to be sure to a return on your investment, then buying is a better decision.
Buying vs. Leasing at Goss Dodge Chrysler
Once you've made your choice between buying vs. leasing, you need to find your new vehicle from a dependable dealership, which is why you should make sure to come by Goss Dodge Chrysler today. In addition to providing you a superior selection of new and pre-owned vehicles, Goss Dodge Chrysler offers an experienced and compassionate finance team who can help you weigh your options for buying or leasing so that you get the funding you need.