Auto Purchase

What's best for you?

The decision to lease or purchase should be carefully considered based on what's best for your situation - not based on dealer specials or the opinions of others. Your best bet in choosing between the two is to be well-informed on what each option entails, and how it will work for you:

Leasing

• You don't own the vehicle, but you can choose to purchase it at the end of the lease agreement. Purchase isn't a requirement however, and you can choose to lease or purchase a different car at the end of the agreement.

• Upfront costs are similar to purchasing: down payment / first month's payment, taxes, registration and other fees. You can also expect to pay a security deposit.
• Typically low monthly payments, depending on the vehicle. Taxes and financing charges are generally lower than with purchase. Leasers are considered to be paying for the depreciation of the car with use and time, rather than paying for the actual vehicle. However, there may be fees or charges for ending the lease early, or transferring the lease.
• Mileage is limited, and you will have to pay a fee if you go over your agreed amount.
• You're responsible for any wear or damage to the vehicle, and may have to pay a fee or charge for them at the end of the lease agreement.

Purchasing

• You own the vehicle, but if you finance, you shouldn't consider it yours until you've paid the last installment.
• Up front costs include: down payment, taxes, registration and fees. It generally costs less to walk out of a dealership with a purchased vehicle than a lease.
• Monthly payments depend entirely on the type of vehicle, the financing agreement with the dealership and the interest rate on the loan. Of course, the cheapest way to buy a vehicle is to pay cash, which isn't an option for a lease.
• Mileage is unlimited. The vehicle is yours. The only cost you will pay for mileage is depreciation on the vehicle, which will lessen its resale value.
• You're responsible for any wear or damage to the vehicle, but you are the only one concerned with whether or not repairs are made.

In the end, there are pros and cons to both leasing and buying a vehicle. Think about your financial situation and what you need and expect from your vehicle before you make a final decision.

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