Should I Lease or Buy? 

If you’re debating buying or leasing your next vehicle but aren’t sure which option is the best fit for you, you’re in the right place. As car-buying experts, Jim Ellis Buick GMC Mall Of Georgia specializes in helping customers find the right solutions for them. Should you buy or lease your next vehicle? There’s no right or wrong option since it all depends on which option is the best fit for your current circumstances.

Below we discuss the differences between buying and leasing as well as their unique advantages and disadvantages. Take a look at our guide to see which option would be the right choice for you, and then visit our dealership near Sugar Hill to buy or lease your next Buick or GMC!

Buying vs. Leasing: What’s the Difference?

Before we talk about the advantages and disadvantages of buying and leasing, let’s first cover what the difference is between these two options. Buying a vehicle involves paying for it upfront with cash or financing most if not all of it with a loan. Leasing a vehicle is essentially like renting a vehicle, where you agree to drive the vehicle for a certain amount of miles per year for a set number of years. Once that predetermined amount of time is over, you can return the leased vehicle back to the dealership and upgrade to a newer lease or buy the leased vehicle outright. 

Leasing a Vehicle

Advantages of Leasing

• Lower Monthly Payments: Leasing a vehicle usually means you’ll have lower monthly payments compared to if you financed the vehicle. 
• Covered Maintenance: Most repairs for your leased vehicle are covered as part of the lease terms, similar to a new vehicle warranty. 
• Easy Return Process: After your lease term is up, all you have to do is return the leased vehicle to the dealership where you leased the vehicle from. You can also return the vehicle to a similar dealership in the Cumming. 
• Option for a New Car Every Few Years: When you return your lease every few years, you can upgrade to a newer lease, you’ll be able to drive a new vehicle everytime you upgrade. 

Disadvantages of Leasing

• Mileage Requirements: When you lease a vehicle, you’ll agree to only drive it a certain number of miles. If you return the vehicle over the mileage limit, you may have to pay additional fees. 
• Constant Monthly Payments: You’ll always have to make monthly lease payments on time to maintain your lease. 

Buying a Vehicle

Advantages of Buying

• Full Ownership: When you buy a vehicle, you own the vehicle. This means you can trade it or sell it at any point in time. 
• Ability to Customize: Since you own the vehicle when financing, you won’t have any customization restrictions, so you can customize it however you’d like. 
• No Mileage Restrictions: Another restriction you don’t have to worry about when financing a vehicle is mileage, so you can drive it around Lawrenceville all you want!

Disadvantages of Buying

• Higher Monthly Payments: Financing a vehicle usually comes with higher monthly payments compared to leasing a vehicle. 
• Depreciation: New vehicles can lose up to half of their value within the first five years due to depreciation. 
• Larger Down Payment: If you finance the vehicle with a loan, you’ll usually have to make a large down payment. This usually isn’t the case with leasing. 

Find Out Which Option Is Best for You at Jim Ellis Buick GMC Mall Of Georgia!

So, should you lease or buy your next Buick or GMC? Contact us to find out. Our finance team will answer any questions you have and help you decide which option would be best for you!