Buying vs Leasing

Lease vs Buying a Car

When it comes to paying for your next vehicle, you’ll have to choose between buying it and leasing it. Both of these options open doors to various but different types of benefits, which can make choosing between them a challenge.

Thankfully, our team at Feldman Hyundai of New Hudson is here to help! In this guide, we’ll highlight the main benefits of both options for drivers near Farmington Hills, Ann Arbor, and Southfield. Let’s get started by taking a look at the biggest difference between these financing options.

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The Big Difference Between Buying & Leasing

Buying a Car The main difference between buying and leasing is ownership. After you’ve finished your payment plan when you buy a vehicle, you have full ownership of it. The majority of people that choose this option choose to take out a loan for it, which may take several years to pay off. However, you do have the option to pay in full upfront.

When you choose to lease a vehicle, you’re essentially renting it. At the end of your lease, you’ll have to return the vehicle. With this option, your only option is to make monthly payments—you won’t be able to pay upfront.

While these options are very different, both offer a variety of benefits shoppers should consider.

Why Consider Buying Your Next Vehicle

If an investment is top-of-mind for you, buying your next vehicle may be the better option. Choosing to buy a vehicle will open doors to the following benefits:

Venture: All of the payments you’re making are going towards eventually owning the vehicle. Plus, this will make your trade-in and resell options much more fruitful in the future when it’s time to move on to your next vehicle.

Selection: When you buy a vehicle, you’ll have the pick of countless vehicles. Any model that’s for sale and fits your budget, you can choose from.

Personalization: Ownership means you can do what you want to it when you eventually pay it off. Customize your vehicle all you want from the very start—choose the trim you like, optional packages, and any additional accessories that are available for your vehicle.

The Benefits of Choosing a Lease

Lease Deals Leasing is a great option for those who need a little more flexibility in their payment plan, like someone who is getting their first vehicle. Here’s why these types of drivers should consider leasing:

Lower Payments: On average, the monthly payments you’ll make on a lease will be lower than those you’d pay on a loan. Additionally, many vehicle leases don’t require a down payment.

Flexible Timeline: With a lease, you have a say in how long you choose to lease the vehicle. If you want to start with something low-commitment, choose a two- or three-year lease. If you want something longer, that’s your choice.

Simple Process: When your lease is up, you have several simple options: renew your lease, trade it in for another leasable vehicle, or simply drop the vehicle off.

Still Have Questions about How to Finance Your Next Vehicle?

Our team at Feldman Hyundai of New Hudson is here to answer any additional questions you have about buying and leasing your next vehicle. Drivers near Farmington Hills, Ann Arbor, and Southfield should give us a call to speak with our knowledgeable finance team today.