Buying vs. Leasing a Car in Auburn, NY

Buy vs Lease Deals in Auburn, NY

If you're ready to move on from your current vehicle or need to add another one to your garage, it's time to go shopping. This task can be stressful, as you may have many questions and concerns. One of the most common issues that shoppers in Auburn, NY, face is whether to buy or lease a vehicle in Auburn, NY. Buying and leasing both have benefits and possible drawbacks. Deciding which one is right for you depends on your finances as well as your other needs and preferences. As you understand the processes of financing and leasing, you can feel good about your decision. The team at Fox Toyota can walk you through both methods and what to expect from each.

Buying vs. Leasing

Whether you want to buy and finance your new vehicle or whether you're interested in leasing options, you should first understand how they differ from one another. When you purchase a vehicle, you own it; however, a lease is essentially renting the car. With a lease, you'll rent it from the dealership for a time.

If you haven't leased before, you may not understand how it is different from buying a vehicle. Or, if you are a first-time car shopper, it's helpful to see how each method works and can be beneficial. Here are some key points to keep in mind:

• When you purchase and finance a vehicle, you will make payments to the financial institution that granted you an auto loan. The loan term may be anywhere from 36 months to 84 months, depending on factors such as your credit and financial institution. Once you pay off the loan, you will no longer have monthly payments. Conversely, a lease term is usually three years. You will make monthly payments throughout the entire leasing period, so you will always have a car payment while you lease.
• Auto leasing comes with lower monthly payments than financing a purchase of a new vehicle. When you lease, you are paying for the amount the vehicle will depreciate over the lease term. On the other hand, when you buy a car, you pay for the entire cost of the vehicle. In addition, you will usually make a lower down payment when you lease than when you buy. A lease doesn't come with sales tax either.
• Buying a car and financing it is a better option if you prefer to make any changes or enhancements to the vehicle. When you buy and own the vehicle, you can change the paint color, add features such as rear spoilers, or change the upholstery. However, you can't do this with a lease because you don't own the vehicle; the dealership retains ownership.
• If you drive a lot because of long commutes or frequent travel, you likely rack up the mileage on your vehicle. If this is the case, you should purchase your new model. Buying a car doesn't come with any mileage restrictions. However, when you lease, you'll have to keep the yearly mileage under 12,000 miles. If you exceed this, you'll have to pay a fee when the lease is up.
• When your lease is up, you have three options. First, you can simply bring the car back to the dealership and walk away. Second, you can lease another model. And third, you can buy the vehicle you have been leasing. You won't have to worry about the possible stresses and hassles of selling the vehicle. Conversely, when you buy a vehicle and want to upgrade to something different, you may have to sell it to a private buyer. This process can be difficult, and you may not get the price you want out of the sale.
• Leasing is good if you always want to have a new model. If you go from lease to lease, your car will never be more than a few years old. But if you want to keep the same vehicle, you'll want to ask, "Where are good car buying options near me?"

Buy or Lease at Fox Toyota

The question of whether to finance vs. lease a car in Auburn, NY, can be confusing. Both options have benefits, but both may have aspects that don't make sense for you. To help you decide which one is right for you, come to Fox Toyota in Auburn, NY. Stop by today so you can bring home a superb new Toyota.