What’s the Difference Between Buying and Leasing?

Young couple signing car buying documents

When you’re looking for a new vehicle, you have to not only decide what type of vehicle you want, but also if you want to buy or lease. Some Concord drivers don’t truly know what the difference is between the two, which means you could be making the wrong decision when it comes to leaving the lot in your new or used vehicle. Instead of hoping for the best, take some time to educate yourself on the difference and make the right choice for your next car buying purchase.

Buying vs Leasing

To understand the difference between buying and leasing, it’s a good idea for Manchester drivers to wrap your head around the advantages of each one.

The Benefits of Leasing

Payments: Buying a vehicle outright usually means taking out a loan, and loan payments can be much higher than a lease payment, which could make the leasing option better if you’re looking for low monthly payments.

Value: The vehicle you purchase will start to depreciate in value right away, but if you don’t have a loan on a vehicle that’s worth something, you have a decent amount of equity to work with. When you lease, you don’t have to worry about vehicle depreciation, however, you also don’t have any equity in a vehicle should you need it.

More Cars In Your Life: Let’s face it, buying a new car is fun. With leasing you can get the latest and greatest Mitsubishi model when your lease is up more often.

The Benefits of Buying

Mileage: When you own a vehicle, you can drive it as often or as little as you’d like with no repercussions. When you lease a vehicle, you are limited to the number of miles you can put on it during one year, or you could end up paying a fee.

Customizing: Owning a vehicle outright means you can do whatever you want to it, from choosing the colors down to any accessories you’d like to add on. When you lease a vehicle, you cannot change anything on that model, or you could end up voiding your lease agreement.

Wear and Tear: While you don’t want to see your vehicle destroyed, wear and tear on a vehicle you own means you can decide what to do. When you lease a vehicle and it gets damaged, you are responsible for fixing it and fixing it right away.

Visit Lovering Mitsubishi Today

Regardless of whether you want to buy or lease a vehicle, Lovering Mitsubishi is a great dealership to visit to find your next model. Our dealership is located at 93 Manchester Street in Concord, NH, or you can contact us at 603-689-1833 to explore our vehicle specials or apply for financing.