You know you need a new vehicle, but you’re stuck questioning: Is it better to buy or lease a car? There’s a lot of information out there guiding you one way or another, but at Sierra Blanca Motors we understand that each customer’s needs are entirely unique. If you’re thinking “should I buy or lease my next vehicle?” then keep reading.
We have brought together some of the main pros and cons of buying vs leasing to help you find the clarity you need to make your decision. Keep in mind that neither way is ultimately better – they are simply different.
Buying Pros
- When you purchase a vehicle, it’s yours to keep. You also build equity in the vehicle that will help you when you’re ready to buy your next car.
- You don’t have to worry about mileage – you can drive as much or as little as you’d like each year.
- You can trade-in or sell your vehicle at any point. The money made from the sale can be used to pay off any remaining loan balance you may have.
- If you exceed what is considered “normal” wear and tear on the car you won’t have to pay any additional fees. Your car is yours to do with what you’d like.
- You can customize the vehicle to your exact specifications at any time.
- Once you have completed your loan term you will be free of monthly payments.
Buying Cons
- Your monthly loan payment is likely to be higher than a lease payment.
- You will be responsible for handling the sale/trade-in for your vehicle.
- How you treat your car will affect its resale value – any excess wear and tear, or even modifications can affect its value.
Leasing Pros
- Your monthly payment will likely be considerably lower when you choose to lease.
- When your lease term is over, you can walk away from the vehicle free and clear after paying any end-of-lease fees.
- You can choose to finance the remaining cost of the vehicle after your lease term, which allows you to own the car after a few more years of payments.
- Your monthly payment will likely be considerably lower when you choose to lease.
- When your lease term is over, you can walk away from the vehicle free and clear after paying any end-of-lease fees.
- You can choose to finance the remaining cost of the vehicle after your lease term, which allows you to own the car after a few more years of payments.
Leasing Cons
- You have no equity in the vehicle, and it is not yours to keep.
- You are likely to be held financially responsible for any wear and tear that exceeds what the dealer considers “normal.”
- You are limited as to how many miles you can drive per year. This can range from 10,000-15,000 miles per year, depending on your agreement.
- It can be very costly to terminate your lease early.
At Sierra Blanca Motors we strive to bring you the best options at the best prices. Check out our monthly new vehicle specials for exciting inventory you’ll love. If you have specific questions about financing options, please see our financing page. You can also search for your next vehicle with our CarFinder.
Sierra Blanca Motors in Ruidoso, NM Makes Buying or Leasing Simple
No matter which direction you choose, Sierra Blanca Motors is here to help. For over 50 years we have served the Ruidoso, NM area with a commitment to excellence. Our team members are ready to answer your questions and get you in the best car and financing option for you. Contact us today to start the process. At Sierra Blanca Motors - we make it simple!
