Deciding whether to lease or buy your next new car can be a tricky and confusing time for many people. To help make things a little bit easier, we've outlined a few of the major differences between buying and leasing, so you can decide what the best option is for you and your budget.
What's in a Lease?
Leasing a car comes with many advantages, including a lower monthly payment and a lower risk of trade-in value depreciation. Basically, leasing a car allows drivers to take home a car that might normally be out of their price range, while also helping them avoid the risk of paying off the rest of a bank loan if the car doesn't sell for what they had hoped. On top of that, leased cars - like those at Volvo of Dallas - also come with extensive warranties that are similar to those found on a bought car.
Be Not Afraid of Buying
While leasing a car may seem less scary than buying, especially for those who don't want to commit long-term to a new car, buying a car may be the better option for those who want to keep their car longer or who drive their car a lot. You see, leases require drivers to commit to a certain amount of miles during their lease period, and if the driver goes over, they have to pay for every mile after. This can add up quickly, so if you think you're going to drive your car more than the allotted miles, it may be best to buy. Buying a new car also means you have more control over the vehicle's appearance, as well as not having to worry about a car payment once you eventually pay it off.
To Thine Own Self Be True
There is no right or wrong answer when it comes to leasing or buying a car. The decision ultimately depends on your lifestyle and your budget. If you're still unsure of whether you'd like to lease or buy, stop by Volvo of Dallas and let our experienced and knowledgeable sales staff walk you through all of our financing options.
