Should I Buy or Lease?

Tiny car with keys
It’s time to trade in your current vehicle for your next new vehicle. At this point, many car shoppers often wonder, “Should I buy or lease my next vehicle?” It’s a common question, and the financial experts at your local Morrie's Auto Group store are here to help! We’ll discuss the benefits of leasing vs. buying to help you make the decision that’s best for you. Don’t hesitate to give us a call if you have any questions.

Leasing vs. Buying: Long and Short-Term Costs

  • Leasing offers lower monthly payments right away. You can also expect to spend less on taxes and down payments. However, if you choose to start a new lease every few years, your payments will pretty much remain the same over the years. The good news is that you won’t have to worry about expensive service or repair costs.
  • Financing allows you to eliminate your monthly payment, and buying used is more affordable than leasing a new vehicle. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease their car. With that said, repair costs do tend to grow as the vehicle ages.

The Bottom Line: Most drivers will keep their vehicle for about three years, and enjoy the latest technology features. If you share these goals, you will benefit from leasing your next vehicle. If you would prefer to buy, give our finance team a call to explore your financing options.

Leasing vs. Buying: Mileage & Restrictions

  • Those who finance looking to own their vehicle will not have to worry about mileage limits or restrictions.
  • Those who lease their vehicles must stay within certain strict boundaries, or they’ll have to pay a fee when the lease term ends.

The Bottom Line: If you don’t have a long commute, you will enjoy leasing your next vehicle. However, if you enjoy weekend getaways beyond Minneapolis and St. Paul and road trips, financing your car is the better option.

Leasing vs. Buying: Total Ownership and Customization

  • When you buy a vehicle (or finance its full cost), you can customize your vehicle as much as you want. You can also modify the car more extensively with custom OEM parts or upgrades if you choose, but doing so could void your warranty.
  • When you lease, you’re required to keep the vehicle as close to the factory condition as possible. This is because the dealership still owns the car, and they’ll need to resell it after it leaves your hands.

The Bottom Line: If adding parts and accessories doesn’t interest you, then leasing will be the way to go.

Leasing vs. Buying: Freedom, Options, & Processes

  • Financing offers flexibility. Even though you’re in a contract, you can sell or trade in your vehicle at any time – as long as it’s worth more than what you owe. You also have the option of refinancing your car to score a lower interest rate. And, of course, the vehicle is yours to keep for as long as you want to.
  • Leasing is easy and convenient. Make sure you take excellent care of your vehicle, drive it back to our lease return center when your lease ends, and drive home in your next new car. You also have the option of buying out the lease and bringing home your leased vehicle for good!

The Bottom Line: Minnetonka drivers enjoy the simplicity of leasing. Still, if you would prefer to maintain and resell your vehicle, what you get for trading in a purchased vehicle could be used towards your next vehicle purchase.

Explore Your Leasing and Financing Options at Morrie's Auto Group!

If you’re ready to take the next steps, check out our current leasing and financing specials and get pre-approved for financing online. Contact us if you have any questions about extended warrantieshow to buy a new car, or would like to schedule an appointment at your local Morrie's Auto Group dealership.

 

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