There are different ways to begin your driving journey with a new car. Between leasing and buying, each has different benefits, and each driver has different individual preferences.
When you decide between buying vs. leasing a car, it’s important to consider the benefits of each option. We’ve put together the following guide so you can make an informed decision and get through the financing process and into your new car faster.
Benefits of Leasing vs. Financing at Your Local Subaru Dealer
Leasing
When you lease a vehicle, you pay to be able to drive the car without ownership of it.
Leasing is often seen as advantageous because drivers are able to pay monthly for a higher-end vehicle at a lower cost. When you lease, you only have to pay a portion of the vehicle’s cost to drive it for an amount of time with an expiration date. Additionally, no down payment is required, although many states do have a required monthly state tax, though it is often less than the rate when you choose to buy a vehicle. There is also often a financial rate you must pay as a part of the lease.
Those who lease often do so because they want to be able to change vehicles every 2-4 years. At the end of your lease, you have the choice to either trade it in for your next car or to buy it.
It’s important that when you lease, you don’t go over your allotted mileage count, or a mileage fee will be added. Additionally, you need to keep your vehicle in good condition while you lease it, or a fee for damage could also be added to the cost of leasing.
Leasing is a good fit for the driver who wants lower monthly payments, which may also allow for a higher-end car with more updated technology, easy trading-in ability, and less sales tax.
Financing
Financing a car entails paying the sale price of a car over a decided period of time. It means paying for ownership of the vehicle you drive.
Buying means paying the full cost of the vehicle and being able to have full ownership of it in return. If you finance that cost over a certain period of time, the monthly payments tend to be higher and also come with an interest rate.
When you opt to buy your vehicle, you can decide on personalization features you likely won’t be able to choose when leasing. You also get to decide when you trade in or sell your vehicle.
For More Information, Visit Schumacher Subaru of Delray
There are benefits to both options when considering buying vs. leasing. Schumacher Subaru of Delray Beach, Florida, understands the importance in choosing which option best fits your preferences. If you have further questions or are ready to lease or buy your next vehicle, visit Schumacher Subaru of Delray to have those needs met.