There’s more than one way to drive away from Valley Subaru of Longmont in a new car. Part of our job is helping you determine which option makes the most sense for your needs and your budget. On the one hand, you can purchase a car straight away, either with or without the help of financing. The other option is to lease.
Both approaches offer unique advantages, and we encourage all of our buyers to spend some time thinking about the method that makes the most sense for them.
The Advantages of Leasing a Car
When you lease a car, you’re effectively renting it. Typically, the monthly payments are a bit lower when you lease as opposed to when you buy. You also never run the risk of winding up “upside down.” In other words, you’ll never be in a position where you owe more than what the car is worth.
Because a lease term is usually fairly short — between one and four years — you won’t have to make as many repairs to the vehicle. If you do, the majority could be covered under warranty. Another upside to short lease terms is that you’ll get to drive a new car more often, potentially upgrading to a new model once every year or two.
The Advantages of Buying a Car
There are advantages to actually purchasing your vehicle as well. When you’re done paying off the car, you’ll actually own it. By contrast, when you lease, you never actually own the car. Since you own the vehicle, you are free to make whatever modifications you need and also to trade or resell at any time.
Because you’re building up equity in your vehicle, you’ll probably end up paying less money over the long term than if you leased. There are plenty of financing options available to help make your purchase affordable, if that’s the route you choose.
Learn More About Your Financing Options in Longmont, CO
As you can tell, there are definite strengths to both approaches. Whether you’d like to learn more about financing or leasing, the finance team at our dealership in Longmont, Colorado, is here to provide transparent, upfront information. Contact us to learn more.