Choosing between leasing a vehicle and financing a vehicle can be a difficult decision. It all depends on your lifestyle and driving needs. If you are the type that likes to switch things up and drive a new vehicle every couple years, then leasing may be the way to go. On the other hand, if you are interested in building equity and vehicle ownership; then purchasing a car could be for you. Read through the benefits of both options before you make a decision.

Leasing

When you lease a vehicle, you will have to return the vehicle at the end of the lease term unless you decide to purchase it.

Buying

Buying is the ideal choice for people who want to build equity and keep the vehicle for as long as they want.

Low Monthly Payments

Lease agreements come with a lower down payment and monthly payment because you only pay for the vehicle's depreciation during your lease term.

Higher Monthly Payments

When you purchase a car, you pay for the entire purchase price for the vehicle; which makes your monthly payment higher.

Early Termination Charges

You will be charged a fee if you decide to terminate your contract before your lease term ends.

No Early Termination Charges

You have the freedom to do whatever you like with the vehicle. You can trade it in or sell it at any time.

Mileage Limit

Leases typically come with a mileage limit. If you plan on driving more than 15,000 miles per year, consider buying instead of leasing.

No Mileage Limit

You get unlimited mileage. Just keep in mind, the higher the mileage on your vehicle, the lower its resale value will be.

Maintenance Costs

You will be held responsible for excessive wear and tear.

No Additional Maintenance Charges

Although you don't have to worry about wear and tear, Keeping your vehicle in good shape will increase its resale value.

Limited Customization

You have to get approval for modifying the vehicle since you have to return it after the lease term ends.

Unlimited Customization

You can add or remove accessories and modify the vehicle as much as you like.

End of Term

Lease terms typically last two to four years. At the end of the term, you have the option to return the vehicle or to buy it.

End of Term

Once you pay off your loan, you own the vehicle.

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