Main reasons drivers lease vs buy
When it comes time to get a new vehicle, and you know you want a new one, the question often comes up: What are the benefits of leasing vs financing an Acura. Here at your Washington D.C. and NoVA dealership, Karen Radley Acura, we’re here to help. Each option has its pros and cons, and some might be more obvious than others. For example, you already know that the monthly payments are much lower when you lease a model, but when you finance a new car or SUV, you eventually get to keep the title.
Aside from the obvious issues of lower monthly payments vs ownership, there are a variety of other factors to consider. There’s obvious value in owning a car because eventually the monthly payments end, but then again, the repairs also start. Then there are questions of depreciation that simply don’t come up with leasing. In the end, it really depends on what interests you most.
Benefits of buying an Acura
Most of the benefits of owning an Acura are obvious. It’s yours to do with what you want. The payments are higher, but eventually you own your vehicle, whereas when you lease you’ll either end up purchasing, or you’ll turn it in and start all over. Owning a vehicle means you don’t have to worry about mileage, you can make any modifications you want and you can decide on what car insurance best suits you. The long-term cost is better, but only if you plan on owning your vehicle for the long-term.
On the downside, repairs will be your responsibility outside of the warranty period and depreciation means your car might not sell for a fetching price should you decide you’d like to upgrade -- and there might be a variety of reasons why you want to sell early. Perhaps you chose a sporty sedan, but a few short years later you start a family and need an SUV. Or another model catches your eye. Even your ideal vehicle could get a redesign with new features and you want to trade up. If you don’t plan to own your vehicle for more than five years, you may find you haven’t made a sound investment.
Benefits of leasing an Acura
Now, what are the benefits of leasing? The first one is the obvious one: It’s hard to say no to much lower monthly payments. You aren’t paying the full cost of the vehicle, but just the depreciation for your lease term. Typical leases are around 36 months. One of the reasons motorists choose to lease is because of this short lease term. It happens to be the same length as a new car warranty, which means you’re covered for the full length of time when you drive the Acura you’ve leased. It also means that you can upgrade to newer technology and upgrades every three years, which simply wouldn’t be practical when purchasing a vehicle.
Driving something new without being tied to it for the entire vehicle’s life is ideal for many, but there are some downsides. Since you don’t own the model, your mileage is limited, and you typically are required to have good insurance (not that this is a bad thing). When you turn the vehicle in, you might be subject to fees if you’ve gone over your mileage limits or cause undue wear and tear.
Still not sure if leasing or financing is the better option for you? Stop by Karen Radley Acura to talk to some of our expert financial advisors. We happily serve shoppers from Tysons Corner, Vienna, Lorton, Springfield, Manassas, Woodbridge, Fairfax, Gainesville and Washington D.C.