Benefits of Buying vs Leasing
Buying and leasing are the two primary financing options for car shoppers. Perhaps you have experience with both methods. For a lot of folks near Shrewsbury, Worcester, and Auburn, Massachusetts, though, they’ve only ever done one or the other. So if you aren’t familiar with each option, how can you tell which one is the right choice? We’re here to help you make that determination with our comparison overview that details the benefits of buying vs. leasing.
If you know what to expect and decide to work with our Harr Toyota finance team, either one—buying or leasing—can benefit you.
Benefits of Leasing
The core difference between leasing and buying is that you’re essentially renting the car with a lease as opposed to owning it outright when buying. So, why would you want to rent a car? It comes down to versatility.
Lease agreements last a few years—usually two or three. When the lease ends, you bring back the car to us. Once you return it, you’re free to lease any new vehicle. Want the latest version of your current model? You can get it. Want an entirely new vehicle? You can go for that as well.
So, with leasing, you can constantly change the type of vehicle you drive to accommodate whatever it is you need at the time. Go from a sedan to a crossover or a truck, for example.
Other things to know about leasing include:
- You can end the lease at any time
- You can trade in your lease early and begin leasing a new model
- You can buy your car at the end of the lease if you want
Benefits of Buying
If you choose to buy a car as opposed to leasing it, you’re the type of driver who wants to lock in their vehicle for the long term. This is a wise decision, especially if you know one day you’ll be passing the vehicle down to your children. A safe, reliable, trustworthy car is the exact type of model you want first-time drivers to have.
Buying also lets you do things to your vehicle you couldn’t do when leasing. Leasing doesn’t allow for customizations, for example. But if you buy the car, it’s yours, and you can do whatever you wish to it. Want to improve its performance? Want to change the interior or exterior styling? Eager to make your model more off-road ready? There are aftermarket pieces you can install to accomplish all these things.
Leasing vs. Buying: What’s the Right Call?
Your decision to lease or buy a car should reflect your lifestyle around Worcester, Auburn, or Shrewsbury, MA. If you like the idea of driving a new vehicle every few years, leasing is a savvy choice. If you want to enjoy your next model for a long time while having the option to customize it to your heart’s desire, buy it instead.
Either financing option can be discussed at greater length with a member of our Harr Toyota team. So, don’t hesitate to reach out to us.