Should I Buy Or Lease?

If you are interested in driving a new vehicle around Lincoln and Fremont, one of the decisions you’ll make is whether to buy or lease. There are advantages and disadvantages to both options, so what’s right for you comes down to factors such as your budget and preferences. To help you make an informed decision you are pleased with, review our leasing vs. buying guide. We cover what you need to know about each option! Contact Sid Dillon with questions at any time. Our team is also happy to arrange your test drive at one of our dealerships. 

Leasing Vs. Buying A Vehicle

So, should you buy or lease a car? Leasing a car near Omaha is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific amount of time. You won’t build equity as you would from outright buying the vehicle. You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the vehicle, or end your lease.

Compare Leasing And Buying A Car: Pros

Pros Of Leasing:

• Lower Monthly Payments: You’ll have smaller payments in general when you decide to lease a car in Lincoln or elsewhere.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Pros Of Buying:

• Ownership: Once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you can do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your vehicle. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Compare Leasing And Buying A Car: Cons

Possible Cons Of Leasing:

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car, and that’s going to be a constant during the time of the lease.

Possible Cons Of Buying:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring. 

Buy Or Lease Your Next Vehicle With Sid Dillon

So, should you buy or lease a car? Now that you have a better idea of what’s right for you, are you ready to take a test drive at our dealership? Contact our auto group online today. We look forward to creating the leasing or financing package that suits you best! Please let us know if you have questions about the buying or leasing process at any time. For more about our services, check out our military and college grad programs.