Buy vs. Lease
If you are searching for a new vehicle in the Temecula, CA area or beyond, you may be wondering if it's a good idea to buy or lease. Knowing the key distinctions between these two options can help you decide whether either is right for choice for you.Â
Buying Vs. LeasingÂ
Buying a vehicle entails paying the full cost of the car, truck, or SUV right away or paying monthly installments until the vehicle is paid in full. Either way, once the vehicle is paid to completion, you get complete ownership.Â
When you lease a vehicle, you sign an agreement saying that you will pay to use the vehicle for a specific amount of time. After the term is over, you have to return the car to the dealership. Once returned, you may choose to extend the lease or swap out the vehicle for another.Â
Pros & Cons of Buying a VehicleÂ
One of the top benefits of buying a vehicle is having ownership of it to do as you please. After the vehicle is paid off, you can make modifications to it such as tinting the windows or adding new paint without having to worry. In the case a scratch occurs, you won't have to pay a fee to the dealership.
As far as cons go, a vehicle depreciates over time. This means that should you decide to trade in the vehicle or sell it to a private buyer, you may not get the amount back that you originally purchased it for. Also, do keep in mind that as a vehicle ages, it may require additional maintenance.Â
Pros & Cons of Leasing a VehicleÂ
One pro of leasing a vehicle is having lower monthly payments. These lower payments are due to paying for the term to drive the vehicle vs the complete cost of the car. Leased vehicles are often under warranty coverage. This means that minor repairs and maintenance is covered meaning you have less to worry about.Â
When looking at the cons of leasing a vehicle, there are a few things to note. Leased vehicles may have mileage restrictions limiting the number of miles you can drive without adding on extra fees. You also do not have ownership of the car, truck or SUV. So, you can't make alterations or sell the vehicle to get an upgrade.Â
Buy or Lease Your Next Vehicle Near Temecula, CA
Whether you decide to buy or lease your next vehicle, our team of experts can help match you with the right vehicle best suited to your lifestyle. We invite you to contact us to learn more and to schedule a test drive today!Â
