Buying vs. Leasing
What’s the Difference?
Is buying better than leasing? It can be for some Elk River drivers. However, if you’re looking to save money in the short term, the benefits of leasing may outweigh the benefits of buying a new car. Our finance department wants you to make informed decisions, so let’s compare buying a car with leasing one so you can decide which is right for you.
Benefits of Leasing a Car in MN
Leasing a car can cost less in the short term and, in some ways, is just simpler than buying a vehicle. Here are a few reasons that some Monticello, MN drivers have chosen to lease instead of buy:
Benefits of Leasing Instead of Buying
- Lower Payments – Lease payments are typically lower than payments on an auto loan.
- Less Sales Tax – In most states, leasing a vehicle drastically lowers sales tax.
- Simpler Trade-In Process – Just turn your car in at the end of the lease and start a lease on a new one.
- Great Coverage – Leased automobiles are always under warranty as long as you stay under the mileage limit.
- Options – Getting a brand-new vehicle every couple of years means you’ll always have the latest feature options.
Benefits of Buying a Car in MN
Buying a car can be more cost-effective over the long run and involve fewer restrictions than leasing. Here are some of the advantages:
Benefits of Buying Instead of Leasing
- No Mileage Restrictions – If you do a lot of over-the-road travelling outside the Anoka, MN area, you may want to buy.
- Total Ownership – When you buy your vehicle, you own it. That means you have equity.
- Customization – There are no restrictions on how you customize a car that you buy.
- Ability to Sell – Sell your vehicle whenever you choose.
- Financing Options – Financing is usually easier and more accessible when buying.
- Less Cost Over Time – Your car becomes less expensive to own the longer you have it, as you work to pay off your loan.
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