So, Should I Buy or Lease?

Finance Paperwork with Glasses

 

When you are exploring our new vehicles at INFINITI of Warwick, you may not know which financial option is best for you. You may be wondering “Should I buy or lease?” Well, the answer to this very common question is dependent on your needs. Our financing team lays out the basics of each so that you can explore the options a bit more in depth. 

When you are looking at leasing vs. buying, you may think that one is better than the other, but that is not the case. One may just be better for you, and keep this information when you are searching for your new vehicle in Providence or Coventry.

Long Term & Short Term Costs of Leasing vs. Buying

  • Lower monthly payments are available when you are leasing. The taxes and down payments for your vehicle are less on a leased vehicle than buying, and by starting a new lease every few years, you can minimize the changes in payment rates, and you won’t have to worry about escalating service and repair costs.
  • Eliminate monthly payments so your vehicle is your very own. The benefit of financing your vehicle is it allows you to pay off your vehicle so that it is only yours and can be used however you like. With time, the costs of repairs tend to grow. 

The Bottom Line: The average time that Cranston drivers keep their vehicles is around three years, and then most people want to update to the newest vehicles with the latest features. If you are keen on always keeping your car updated, then leasing might be the best option for you. However, if you want full ownership, our INFINITI of Warwick finance team is here to help. 

Mileage & Restrictions: Leasing vs. Buying

  • Financing with intent to purchase means you won’t be concerned with mileage limits or vehicle restrictions.
  • Leasing has a certain level of boundaries available. You pay a fee at the end of the lease term to the dealership, and you are only allowed a certain amount of miles.

Bottom Line: If you are commuting a short distance on a day to day basis, you may find that a lease is the best option for you. While those who are weekend adventurers and hardcore road trippers might find financing to be a better option. 

Total Ownership & Customization: Leasing vs. Buying

  • When you are buying a vehicle, there are loads of accessories that you can add to increase your vehicle’s appearance and functionality. You can add custom parts and upgrades if you choose, but these may make your warranty void. 
  • Leasing a vehicle requires keeping the vehicle as close to factory condition as you can. The dealership still technically owns your vehicle and will resell it after your lease agreement is complete. 

The Bottom Line: While off-roading may not be your pastime, Cranston drivers may still be interested in modifications that support their vehicle capabilities. If these are of interest to you, then leasing may not be the best option for you. 

Freedom & Processes: Leasing vs. Buying

  • There is flexibility provided by financing. The contract provided by financing a vehicle allows you to sell or trade in the vehicle as you wish, as long as it is worth more than you owe. You can refinance to lower the rate down the line, and the vehicle is yours to keep however long you want. 
  • Convenience is provided in a lease. As long as you take good care of your vehicle while you are under your lease agreement, you can bring your lease back and then drive home in a new vehicle. You can also buy out the vehicle and bring it home for good. 

The Bottom Line: Leasing is an attractive option for Providence drivers, and if you have confidence that you will be able to maintain the vehicle, then it can be perfect. If you think you can maintain and resell the vehicle, then you can trade in your purchased vehicle to put towards another car. 

Should I Lease or Buy? INFINITI of Warwick

Hopefully you have a better idea of whether leasing or financing a vehicle is a better option for you. Once you do, you can apply for financing online. Then, give us a call to schedule an appointment to test drive your new vehicle in person.

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