Buying vs Leasing a Car
At Harte Auto Group, we offer a variety of purchasing options for our customers to help tailor the car-buying experience to the needs and situation of each individual. With all these options available, how do you know which is best? Let us walk you through the benefits of buying vs. leasing a car to help you make the choice that’s right for you.
One of the most obvious benefits of buying a car is that each of your payments brings you one step closer to owning the vehicle. Once you own the car, you no longer have payments and you’re free to sell it whenever you want. This is a good option if you tend to keep your vehicles for many years, such as 6 or more. Buying is also a good option if you are very hard on vehicles from a wear and tear perspective. It is, however, imperative that you do regular maintenance on your vehicle if you intend to keep it for many years. While every car has a “reliability” rating, at the end of the day they are all machines and tend to give back what you put into them.
At Harte Auto Group, over 75% of all new sales are leases. This could be due to a variety of different reasons, a few of which are listed below. For one, the initial out-of-pocket cost and monthly payments are less when leasing a vehicle than when buying. Additionally, most leases are for a duration that will require significantly less maintenance than the maintenance required on a vehicle over a 100,000 or 150,000 mile cycle, in addition to any repairs required once the vehicle is out of factory warranty.
Leasing also offers the ability to switch vehicles in a much shorter time cycle. Warranty coverage for an entire lease period is very common given the four year and 60,000 mile warranty that comes on every new INFINITI, and most leases range from 24 to 39 months. Another aspect to consider is zero market exposure, which means that if the car you are driving has a low resale value at the end of the lease, you will not suffer the equity position since leases are fixed. You can then decide to buy the car at the end of the lease or you can simply turn in the vehicle. This is one aspect that many clients who drive high mileage per year take advantage of, given how quickly vehicles depreciate due to high mileage.