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Should I Buy or Lease a Car?

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Are you shopping around Scranton for a new or pre-owned vehicle and wondering, “Should I buy or lease a car?” You’re not alone! It can be an intimidating task—especially for first-time buyers. Fortunately, the finance experts at Bergey's Mazda of Wilkes-Barre have highlighted the differences between leasing vs. buying and advantages for each method below. Find out whether you should lease or buy your next car below and don’t hesitate to contact us if you have any additional questions!

Leasing vs. Buying

Should I buy or lease a car? It’s not a one-size-fits-all answer! Let’s explore leasing vs. buying in greater detail below to help you decide which option is better for your needs.

Leasing a Car

When you lease a car in Larksville, you are essentially renting it for a specified period and returning it. Rather than paying for the total value of the vehicle, you are just borrowing and repaying the difference between its value when new and the value it’s expected to be when the lease term ends. Once your lease is over, you have the option to purchase the vehicle, upgrade to something new, or end it. Benefits of car leasing include:

  • Lower monthly payments
  • Smaller down payments
  • Less sales tax
  • Warranty coverage
  • Easy to upgrade to a new vehicle every few years
  • You don’t have to worry about selling it

Keep in mind that car leasing usually involves mileage and customization restrictions. Additionally, there may be penalty fees if you wish to end your lease early.

Financing a Car

If you’re looking to have total ownership of the vehicle, consider financing. If you can’t pay for the vehicle in full, you’ll need to apply for financing and borrow money from a lending institution to cover the remaining amount. You will then make monthly payments toward the loan balance, interest rates, and any other loan fees until it is paid off. Financing is a larger commitment than leasing and requires higher costs upfront, but it has its advantages:

  • Total ownership
  • Build equity over time
  • Ability to sell or trade in at any time
  • No mileage or customization restrictions

Learn More About Leasing vs. Financing at Bergey's Mazda of Wilkes-Barre

Still wondering, “Should I buy or lease a car?” That’s okay! It’s a big decision to make. Feel free to contact us or visit our finance center in Larksville, PA! Our dedicated finance professionals will be happy to sit down with you one-on-one to discuss your financing options so you can feel 100% confident you made the right decision for your needs. We’re just a short ride away from Lehighton and Stroudsburg, so be sure to check out our current lease specials! In the meantime, check out more car buying tips from our finance experts!

 

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Bergey's Mazda of Wilkes-Barre 41.24938487326785, -75.91892333875471.