Buying or leasing a car are two great options when it comes to getting a new ride. Your local Genesis dealership will allow you to either buy or lease, so figuring out which one is best for you comes down to certain considerations that you should think long and hard about before making your choice.
Should You Buy or Lease a New Car at Your Local Genesis Dealership? 3 Things to Consider
1. Your Monthly Payments
When you buy a car, you secure financing in the form of a loan. Eventually, you’ll pay off that loan, and you’ll still have a car once you’ve finished paying, and it could last many years after the payments end. When you lease, there’s no end to the payments. When you finish leasing one car, you’ll have to start paying for another car by leasing or buying one, unless you want to go without a vehicle.
However, monthly lease payments are often lower than monthly loan repayments. Plus, when you buy a car, you’ll eventually have to sell that car, take out a new loan, and start making loan repayments once again. Essentially, you need to consider which option is best for you. Option one: lower monthly payments that go on indefinitely. Option two: higher monthly payments that eventually stop until you need to purchase a new car again.
2. Your Mileage Usage
When you lease a car, you need to stay under a certain mileage limit. Most of the time, you’re allowed to drive 12,000 or 15,000 miles per year in your car when you lease it. If you drive more than your allotted number of miles, then you’ll have to pay a fee.
Consider how much you drive, as this will help you determine whether or not you’re likely to go over the number of miles you’re allowed to drive in your leased vehicle. If you’ll probably end up going over the limit, then buying is probably a better option for you.
3. Your Preferences Regarding Vehicle Age
If you prefer driving the latest car models, then leasing is likely the best option for you. You can drive a car for a couple of years, and then you’ll lease a different, newer model after that time. If you buy a car and wish to upgrade to the latest model after two or three years, then you’ll have to sell the car and secure financing to purchase a new one. Consider how much it’ll cost to buy a new car regularly versus leasing a car to determine which is best for you.
If you’re considering buying or leasing a new Genesis, then stop by Genesis of Waipio in Waipahu, HI today. Our finance department will be happy to talk to you about either option.
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