Buy vs Lease
When you start to think about financing a new GM vehicle at our Waynesboro are dealership, our team is here to help you explore your options and to make the choice that’s right for you. One common question that many of our shoppers ask pertains to the difference between financing a new vehicle and leasing one, and which option is better.
The truth is that the “better” option depends highly on your circumstances, goals, and plans for your vehicle. Fortunately, our team can help you understand the key differences to make the decision that’s best for you.
Why Buy?
When you finance a vehicle, you’re opting to take a loan for the value of the vehicle and to pay it off over a predetermined length of time. Financially, this means that you’ll typically make a larger down payment and larger monthly payments, but you’ll own the vehicle at the end of the financing period.
This can be the right choice for a lot of different types of drivers, as it gives you ownership of the vehicle, allows you resell it down the line, and lets you modify or work on your vehicle any way you like; you’ll also be free of mileage restrictions while paying your vehicle off.
Why Lease?
Leasing a vehicle is essentially entering into an agreement when you rent a brand new vehicle for an extended period of time. During the duration of your lease period, you’ll typically make lower monthly payments than when financing; you won’t own the vehicle at the end of your lease, though. Instead, you’ll either choose to buy it then, or trade it in for a new lease or purchase.
Typically, a lease is a good option for drivers who are more concerned with their monthly payment than owning a vehicle outright, and is also a perfect fit if you prefer to be in a brand new vehicle every two or three years. A lease lets you do exactly that without the need to sell or trade in your vehicle around Waynesboro.
Which is Best for You?