Should I Buy or Lease a Car?

If you’re looking for a new Acura to get you around Richmond Hill in style, you have two methods of getting behind the wheel: leasing or buying. If you’re unfamiliar with the differences between leasing and buying, you’re probably asking yourself, “Should I buy or lease a car?” The answer depends on what your wants and financial needs are as a driver, but one is bound to be a better fit than the other. In the following guide, we break down the pros and cons of leasing vs. buying to help you arrive at a decision.

Leasing vs. Buying: The Pros and the Cons

Leasing an Acura

The Good:

Leasing an Acura is a great choice if you’re the type of person who is more wary about making large investments and commitments, specifically financing a luxury vehicle In a sense, leasing is pretty much the same as “renting” a car, except that you’re renting the vehicle of your choice for an extended period of time. Most leasing terms span 24 to 36 months (2 to 3 years), and one perk of leasing vs. buying is that you’ll enjoy lower monthly payments.

If you end up leasing an Acura that you find isn’t a great fit, you can simply trade it in at the end of your lease in exchange for another vehicle. On the other hand, if you want to keep your leased Acura around for your joy rides around Pooler for years to come, you have the option to buy out your lease at the end.

The Bad:

The drawbacks to leasing vs. buying an Acura is that you have to adhere to strict mileage limits that are established in your contract. Exceeding these limits usually result in a penalty fee that you’ll have to pay at your lease end. This also includes wear and tear. You may be charged for any extra wear and tear that you may have accrued over time on your vehicle. And, if for whatever reason you want to break your lease early, you’ll have to pay a termination fee, which is the difference between the car’s estimated value at the end of the lease and what you still owe. Plus, because it’s not an asset, you cannot build equity on a leased vehicle.

Buying an Acura

The Good:

Buying an Acura is right for you, well, if you want to keep your vehicle around for as long as possible to accompany you on your drives in Hardeeville. Unlike leasing, financing an Acura allows you to build equity, since the vehicle is your own asset. You can also choose to sell your vehicle at any given time or even trade it in at a Savannah dealership like Southern Motors Acura.

The Bad:

Of course, financing an Acura is a larger commitment than leasing one. You’ll face higher monthly payments and up-front costs. And if you have subprime credit, you’ll be subjected to higher interest rates.

Discuss Your Options With Southern Motors Acura

The question of whether you should buy or lease a car ultimately comes down to your financial needs and the type of commitment you want to make. If you’re already set on either leasing or buying a vehicle, check out our Acura lease specials and new vehicle specials to save on either method. If you’re still unsure whether leasing vs. buying is for you, our finance experts are here to help you out, so don’t hesitate to contact us online!