Leasing Vs. Purchasing a Car

If you are trying to decide whether to lease or buy a BMW Greensboro NC, there are a few factors you should consider. In this guide, you will learn the pros and cons of leasing vs. buying, and the information offered here will help to simplify your decision.

The Benefits Of Leasing

When leasing a car, you will only pay on the difference between the car’s residual value and the original price. You’ll get good value for your money; with a lower monthly payment, you might be able to afford a pricier automobile. The average car lease lasts for three years, which is the same length as most automakers’ warranties. Leases require lower down payments, and while you may pay more each month, you can usually negotiate a better deal with the dealer. Lastly, when your lease has ended, you don’t have to worry about selling the car.

Leasing Drawbacks

There are some disadvantages to leasing a car, such as mileage limits, overage charges, and fees for paint and interior damage above the level of normal wear & tear. You cannot significantly alter the appearance of a leased car, and you won’t own it at the end of the term. If your credit history isn’t very strong, you may not be eligible for a lease.

The Advantages Of Purchasing A Car

Buying a car has certain advantages over leasing. At the conclusion of your loan term, you own the vehicle, and with every timely payment you make, you’re building equity that helps in the event that you want to resell. You don’t have to worry about budgeting for a monthly payment after your loan is paid off, and there are no mileage limits as in a car lease.

Disadvantages Of Buying

Buying a car carries some disadvantages, such as the risk of a decreased resale value and a higher down payment. Another big drawback is that because you’re financing the car for its full price, you’ll be making payments for up to seven years in some cases.

Buying and leasing are both good ways to get into a new bmw greensboro nc, but each choice has its pros and cons. Regardless of whether you want to buy or lease a car, you can quickly and easily estimate the cost of collision repairs by calling (336) 542-3555 for a no-obligation quote.