Shopping for a new GMC truck or SUV for your Laurel commutes? Depending on how far along you are in the process, you may be asking yourself, “Should I buy or lease?” To help you decide which financial path to take, you should think seriously about what your needs are, what you can afford, and what you want. Explore the benefits of both buying and leasing with Rimrock GMC so you can be sure to make a smart decision for your unique financial situation.
Advantages of Buying
- No Mileage Restrictions: If you often drive your vehicle from Lockwood to Red Lodge and back or plan to tow with your GMC Acadia frequently, buying may be a better option, as it doesn’t have the same mileage limits that come with a lease agreement.
- Total Ownership: When you buy a vehicle outright, it becomes yours to own for as long as you wish to have it. That means you can sell it, modify it, etc. as you see fit.
- Customization: This goes along with the total ownership perk. If you like to stand out from the crowd on Round Up roads, buying will allow you to make as many cosmetic or mechanical changes as you wish. The only limit is your imagination!
- Ability to Sell: When you’re not locked into a lease agreement, you have the freedom to sell your vehicle at any point in time.
- Financing Options: Although leasing isn’t quite so difficult as some shoppers may make it out to be, it’s true that the car financing process is a bit more straightforward. And, it’s usually more open to individuals who are in the process of cleaning up their credit score. You’ll also have the option of refinancing your loan in the future to get a lower interest rate and monthly payment.
- Less Cost Over Time: During the initial process, buying a car is more expensive than leasing, but it is easier to manage when you consider the cost over time as you work to pay off your loan. Total ownership also means your vehicle will become less expensive to own the longer you have it.
Advantages of Leasing
- Lower Payments: The cost of monthly payments and down payments are generally far lower when you lease a vehicle rather than buy.
- Less Sales Tax: Most states have a significantly lower sales tax for leased vehicles. Depending on where you live, you may only have to pay tax on your down payment and monthly payments.
- Trade-Ins: When your lease end arrives, getting behind the wheel of your next leased vehicle is easy. Simply head to the dealership, take care of any lingering fees, then choose your next dream vehicle!
- Great Coverage: Stressing over warranty coverage and maintenance will be a thing of the past if you choose to lease. So long as you don’t exceed your mileage limit, any issues that arise while you have your vehicle will be covered by its original warranty.
- Options: Leasing is a great option for drivers who like to drive a model with all the latest tech and performance features. You’ll also have more freedom to try out different body styles. You may be leasing an SUV right now, but you could lease a pickup truck in a few years if you wish.
- High Approval Rate: Typically, leasing offers a high approval rate, making it an attractive option for those who have poor or even no credit.
Lease or Finance Your Next New Vehicle at Rimrock GMC
When you’re making the decision of whether to lease vs. buying, remember: What works for others might not be right for you. Your decision should only be influenced by your unique needs and budgetary limits. When you’re ready to take the next steps, the finance specialists here at Rimrock GMC near Red Lodge can help. Be sure to browse our leasing and financing deals or look into buying a car online with us before heading out to Billings, and don’t hesitate to contact us with any remaining questions in the meantime!