Friday, January 22, 2016

Should You Lease or Buy a Vehicle?

Should You Lease or Buy a Vehicle?

ELIZABETH CITY, N.C. – Investing in a vehicle is a big decision. There are a lot of different factors to think about like the make and model, the price you want to pay, and what features you’d like. The biggest question you need to answer though, is should you lease or buy a vehicle?

Benefits of Buying:
  • Full ownership of car
  • You can sell or trade vehicle at any time
  • Customize your vehicle as you like
  • No mileage limit
  • No more payments after full paid off

Disadvantages of Buying:
  • Higher down payment
  • Higher monthly payments
  • Responsible for car repairs
  • You have the hassle of trading in or selling your car
  • Car depreciates in value over the years 

Benefits of Leasing:
  • Cheaper monthly payments
  • Cheaper down payment
  • Normally a better/modern car
  • Different car every 2-3 years
  • Little to no repair costs 

Disadvantages of Leasing:
  • No ownership of vehicle
  • Customization not allowed
  • Penalties for going over mileage
  • Large cost to terminate a lease contract early
  • More expensive in the long run

There are pros and cons to leasing or buying, but the decision is ultimately up to you. You need to decide what works best for you. Would you rather pay more for a new car every two years with little maintenance, or own your own vehicle with unlimited miles on it? 

No matter what you choose, Perry Auto group is here to help you. We’re confident that we can find a great vehicle for you. We have plenty of cars, trucks, and SUVs you to choose from. Visit our dealership today. Perry Auto Group has two dealership locations to serve you better at 1005 W. Ehringhaus St, Elizabeth City, NC, 27909 or 1001 Halstead Blvd Elizabeth City, NC 27909. Stop in for any of your auto or community needs, or feel free to give us a call at (252) 338-9100.

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