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Should I Buy or Lease a Car?

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If you’ve been out of the Indianola auto market for a while and are not sure of the differences between leasing vs. buying a new car, DeYarman Automotive Group in Knoxville is here to help. Our finance team will break down benefits from both finance options to help you decide which is better for your financial path. So, if you’re asking yourself, “Should I buy or lease a car?” Read on below to find your answers then explore our new inventory

 

 

Leasing vs. Buying: Benefits of Leasing 

So, what does it mean to lease a new vehicle? In Knoxville, drivers who chose to lease will basically rent their vehicle for several years from the dealership. Even though they cannot sell the vehicle or build equity, they only have to worry about paying for the depreciation during the lease term which results in a lower down payment and monthly payments. If you’re leaning towards leasing, it’s good to note you won’t have to pay as much in sales tax and you have more flexibility. You can choose to renew the lease, trade it out, or end it, it’s all your choice.

Leasing vs. Buying: The Benefits of Financing 

So, “Should I buy or lease a car?” Well, let’s take a closer look at the finance option. If you choose to finance, you will take out a loan on the vehicle for its full value with the intention of owning it. Not only is that a major difference between leasing vs. buying, but the full value of the vehicle is more than depreciation so you will have a larger down payment and pay more in sales tax.

The great thing about buying a vehicle is that you can sell it any time in Pella or beyond and receive thousands of dollars back that you’ve invested into the principal of your loan. Honestly, financing is a more cost-effective strategy but it requires higher costs upfront with greater commitment in the long run. If you’re not sure about the monthly payments, use our payment calculator to help with your decision. 

Learn More about Leasing vs. Buying With the DeYarman Automotive Group 

If you’re still asking yourself, “Should I buy or lease a car?” Contact us at DeYarman Automotive Group so our financiers can walk you through the best options for your budget. Take a moment to explore our new vehicle specials to see how else you can save!

 

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