Should I Buy or Lease a Car?

Man and Woman Signing Contract

 

If you’re thinking of buying a new Kia, you might be wondering, “Should I buy or lease one?” It depends on your situation and budget. “Should I buy or lease?” is one of the most common questions that Mansfield drivers ask us at Spitzer Kia Mansfield. Read on to learn more about leasing vs. buying, and contact our finance team if you have questions.

Leasing vs. Buying: Long and Short-Term Costs

  • Leasing allows for lower monthly payments. You’ll also save on sales tax and down payments. Plus, if you start a new lease every few years, your payments likely won’t change much over the years, and you won’t have to worry about increasing service and repair costs.
  • Financing lets you eliminate your monthly payment completely, and buying a used Kia is often more affordable than leasing a new one. Shelby drivers who pay off their financed vehicle spend less than drivers who continue to lease, but repair costs typically escalate as a vehicle ages.

The Bottom Line: Most drivers keep their cars for about three years and want to enjoy the latest features. If this sounds like you, leasing vs. buying is probably best.

Leasing vs. Buying: Mileage Restrictions

  • Those who finance a new Kia with the intent of full ownership won’t have to worry about mileage restrictions.
  • Those who lease their cars must stay within certain strict limits or pay a fee when their lease term ends.

The Bottom Line: Those who commute a short distance around Ashland will find that most leases are appropriate for their needs. But, those who love their weekend road trips out of the city are probably better suited for full ownership.

Leasing vs. Buying: Total Ownership and Customization

  • When you buy a vehicle, you can customize it however you want.
  • When you lease, you must keep the vehicle as close to factory condition as possible because the dealership still owns it, and they will need to resell it after your lease ends.

The Bottom Line: If you intend to go off-roading, racing, or want a lot of customizations, leasing isn’t your best option.

Leasing vs. Buying: Flexibility and Freedom

  • Financing offers flexibility. When you lease a car, you’re locked into a contract, but you can sell or trade it at any time if your situation or desires change. You also have the freedom to refinance at a lower rate down the line.
  • Leasing is easy and convenient. Just take good care of your vehicle while you’re driving it, return it at the end of your term, and go home in a brand new car. You typically also can buy out the lease and keep it for good

The Bottom Line: The simplicity of leasing is a key benefit for most drivers. Still, if you’re okay with maintaining and reselling your car, the money you get for trading in a purchased vehicle can help offset future costs.

Explore Your Leasing and Financing Options at Spitzer Kia Mansfield

Now that you know more about leasing vs. buying, you’re one step closer to your dream vehicle. Explore our current leasing and financing offers and apply for financing online. Do you have other questions about the car buying process, such as the meaning of MSRP? Explore our other car buying tips and tricks, or contact us by chat, phone, or email. We’re here for you!!

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