Anyone who has ever bought a car or even thought about buying a car from a dealership has probably asked themselves this question at one point or another: “Should I lease or buy?” If it were a simple answer, the question wouldn’t be asked nearly as often! That’s why in today’s blog at Auto Warehouse in Brighton and Fort Collins, we discuss some of the factors to take into consideration when you are trying to decide whether or not you want to buy or lease used cars and trucks. Keep reading to learn more or stop by an Auto Warehouse location today to talk to one of our friendly professionals.
Cost is typically the largest consideration when deciding between leasing or buying new cars and trucks. Both short-term cost and long-term cost should be a factor in your decision-making process. Essentially, buying a vehicle typically costs you more in the short-term. But, after you’ve completed your payments after three to six years (however long you choose to auto finance), the vehicle will be yours and you will have $0 payments because you now own the vehicle. This provides immense long-term value.
Conversely, leasing used cars and trucks may be a better option for you depending on your situation. Leases typically require very little to nothing as a down payment. Not to mention the monthly payment is often considerably lower. Because of this, leases provide are much more valuable short-term due to lower upfront costs and monthly costs in most cases. However, it’s worth considering that if you are still leasing the vehicle after a few years, you will have paid more long-term than you would have to purchase the used car or truck since lease payments are made as long as you have the vehicle.
Another factor to consider in the buy-or-lease debate is how important it is for you to have the latest and greatest. If you are of the mindset of “if it ain’t broke, don’t fix it”, then purchasing used cars and trucks may prove a better option for you. If you love keeping up with the newest in cutting-edge technology and automotive innovations, leasing is a fantastic option. Leasing enables you to simply trade in your current vehicle and upgrade to the latest and greatest model with little to no cost to you.
Oftentimes when you lease used cars and trucks from dealerships, you are limited in how many miles you can put on the vehicle. Of course, you can always make slightly higher payments and have a higher mile allotment, but you may not want to be limited in how much you can drive your vehicle. On the other hand, if you aren’t someone who puts copious amounts of miles on their car, you may not even notice the mileage limit and may rarely even come close!
This consideration is similar to cost but differs in the way that our team at Auto Warehouse in Fort Collins and Brighton are thinking more along the lines of money you’ve saved up previous to purchasing your used cars and trucks rather than future value. If you have savings lounging around in your bank account that you don’t readily need for anything, you can put it toward a down-payment for purchasing a car and make significantly lower monthly payments. Or, if you have enough saved, you can purchase a vehicle outright and pay no interest from loan payments and nothing in leasing costs. On the flip side of that, if your savings are on the lower side or are committed elsewhere, leasing could be the more appealing option since you don’t have to come to the table with nearly as much for a great deal.
The last thing we’ll talk about considering in today’s post is ownership. Ask yourself how important it is for you to own your used cars and trucks you purchase. When the idea of owning your own vehicle means little to you, leasing could be an appealing choice. Or, if you’d love to own your own vehicle and would take great pride in being able to say that you own that vehicle in your driveway, the buying is for certain going to be the way to go.
Whether you choose to buy or lease your used cars and trucks, our Auto Warehouse locations in Northern Colorado are prepared to work with you to help meet your needs. We have a wide variety of used cars and trucks in our inventory to help match you with the perfect vehicle for you. On top of that, our customer service is second-to-none. We never pressure you or play games. Our goal is to simply provide stellar customer service and help you find what you need without making you feel like you’re in a pressure cooker. Thanks for checking out today’s blog at Auto Warehouse. Be sure to stop by our Fort Collins or Brighton location today to learn more!