Should I Buy or Lease a Car?

“Should I buy or lease a car?” That’s a question we often hear from our Moline customers. It can be a perplexing question if you don’t know all the pros and cons of each option. But our finance department is here to help, which is why we’ve put together the buying vs. leasing comparison below, so that you can make an informed decision when shopping for your next new car.

Should I Buy or Lease?

You might be surprised to learn that we don’t give the same answer to every Rock Island driver who asks, “Should I buy or lease my next car?”. That’s because everyone’s needs and circumstances are different. How can you tell which options is best for you? Read the following lists of benefits of each option:

Leasing vs. Buying – Reasons to Buy

• No Mileage Restrictions: If you plan on putting a lot of miles on your vehicle, especially if you do a lot of over-the-road traveling outside the area, buying may be right for you.
• Total Ownership: When you buy your vehicle, you own it. That means you have equity.
• Customization: Because you own your vehicle, there are no restrictions on how you customize it.
• Ability to Sell: You can sell your vehicle whenever you choose.
• Financing Options: Financing is usually easier and more accessible when buying.
• Less Cost Over Time: Though buying a new car is more expensive in the initial period, it is less troublesome in terms of cost over time as you work towards paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.

Leasing vs. Buying – Reasons to Lease

• Lower Payments: Lower monthly payments is probably the biggest advantage of leasing a vehicle vs. buying.
• Less Sales Tax: In most states, leasing a vehicle drastically lowers sales tax.
• Trade-Ins: Transitioning to your next car is easy. 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, you’re covered.
• Options: Because you’ll be in a brand-new vehicle every couple of years, you’ll always have the latest feature options at your disposal.

Let Green Family Chevrolet of East Moline Walk You Through Your Options

Sit down with our finance department and let us help you with your buying vs. leasing conundrum. And, if you found this guide to be helpful, check out our guide to increasing your credit score, as well as our other car buying tips. We are conveniently located near Bettendorf, IA, so pay us a visit or contact us today!