Should I Buy or Lease?

Tiny car with coins and finance paperwork
Should I buy or lease? When you’re looking to get a new vehicle for your Columbus and Hilliard drives, you might be wondering what’s the best financial path to take. The answer is finding out what works best for you when considering leasing vs. buying. There are benefits to each, so you’ll want to take your personal needs and budget into consideration. Next, we’ll take a look at the benefits that come along with financing and leasing, so you can determine which is right for you. From there, you can visit Celebration Kia Dublin in Dublin to find the perfect model for you.

Lease vs. Buying: Benefits of Buying

  • No Mileage Restrictions: If you’re putting a lot of miles on your vehicle, commuting around Worthington, you may want to consider buying. Without the mileage limits you get on a leased vehicle, you’re free to drive as far as you want.
  • Total Ownership: Buying a vehicle means you own it and are free to do with the vehicle what you please. There are no restrictions on how it’s modified or decorated.
  • Customization: Want to make your new vehicle stand out on Dublin roads? Buying rather than leasing allows you to make cosmetic and mechanical changes. Create the car of your dreams without restriction when you own.
  • Ability to Sell: Since you’re not locked into a lease agreement, you can opt to sell your vehicle whenever you decide the time is right.
  • Financing Options: While leasing isn’t a massive headache, the car financing process is more straightforward, and generally open to those without great credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments over time.
  • Less Cost Over Time: Though buying a new car is more expensive in the initial period, it is less burdensome in terms of cost over time as you work towards paying off your loan. With ownership, the vehicle becomes less expensive to own the longer you have it.

Lease vs. Buying: Benefits of Leasing

  • Lower Payments: Whether it’s monthly payments or down payments, when you lease a vehicle those costs will be significantly lower than buying.
  • Less Sales Tax: In most states, leasing a vehicle drastically lowers your sales tax burden. In some areas, you only have to pay tax on the amount you put for the down payment and for the monthly payments.
  • Trade-Ins: When your lease agreement is over, the process of getting your next leased vehicle is quite simple. Head to your local Celebration Kia Dublin, pay any remaining fees, and drive away in your next vehicle of choice.
  • Great Coverage: Warranty coverage and maintenance is a breeze when leasing, as any issue that pops up under your warranty is covered as long as you don’t go over the mileage limit.
  • Options: Leasing allows you to stay in the newest models with the most up-to-date tech every time you lease your next vehicle. You’ll have tons of options and will be able to find the perfect model and features for you while staying current with the trends.

Explore Lease vs. Buying Options at Celebration Kia Dublin

If you had the question, “should I buy or lease?” hopefully, we cleared up the decision a bit. Whatever you choose in the lease vs. buying debate, remember the decision is based entirely on your needs.  Did you know that leasing a used vehicle could also be an option depending on the dealership? Check out our guide to help you decide whether or not it’s a good option for you. If you have any questions, feel free to contact us today! If you’ve purchased a vehicle already, consider learning how to refinance your car loan and see if it’s a good option for you.

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