Looking for the perfect car to get around the Philadelphia, Cinnaminson, and Mount Laurel areas can be fun and exciting. But before you can drive away, you'll need to first think about whether you'll be buying or leasing your new car. Here at F.C. Kerbeck Buick GMC, we'll help you explore the pros and cons of buying vs. leasing so you can make an educated decision.
Here, we'll be exploring the reasons why people lease vs. buy a car or truck. We won't tell you which one you should do; instead, we'll leave that decision up to you after explaining each option.
Car Buying Pros & Cons
There's no better feeling than being an automobile owner. The car is all yours, and you can do anything you want with it. This includes driving it across the state, adding new features, or even getting a new paint job. Car owners can also sell their vehicle to a dealership or private buyer. One main thing to remember is that buying the vehicle means you'll never have to return it to the dealership. It's yours forever.
In addition to these advantages, there are a few drawbacks to consider when thinking about buying a new vehicle. For example, buying a car typically means putting down more money at the time of purchase to help lower the purchase price and meet finance agreement terms. With a finance agreement, you'll also have to make regular monthly payments that are typically higher than in leasing agreements.
Any issues or damage that aren't covered under the vehicle's warranty are the responsibility of the car owner. However, that's not true with leasing. Also, some might view having to sell the car as a drawback. As time goes on, the vehicle will lose value.
Leasing Pros & Cons
If you're not ready to buy a car, or you aren't sure which car you want to buy, leasing might be the right option for you. With a lease, you only have the car for a few years before you'll have to return it to the dealership. You can even decide to finance the vehicle at any point if you want to buy it.
Choosing to lease a vehicle vs. buy it can also result in lower monthly payments. So those with limited budgets might prefer leasing vs. buying. A limited warranty also helps drivers save money when their leased vehicle needs service.
While this option has its advantages, there are some drawbacks to keep in mind, too. The primary limitation when it comes to leasing involves mileage restrictions. Every year, you're given a certain number of miles you can drive. If you exceed that mileage, you'll be charged a fee for each additional mile. Not only that, but the vehicle must be in tip-top shape when it comes time to return it to the dealership. If there's any damage to the interior or exterior, you'll be charged an additional fee.
Deciding Which Option Is Best
You learned a lot about the pros and cons of leasing vs. buying a vehicle. But ultimately, you'll need to decide which one is right for you like the GMC Sierra 1500 or GMC Terrain, so start by viewing our inventory today. Then, take closer look at your financial capabilities and what you need as a driver. Our team at F.C. Kerbeck Buick GMC is here to help you if you have any questions, so contact us today!
We proudly serve the communities of Philadelphia, Cinnaminson, Mount Laurel, and beyond.