Should I Buy or Lease?

car finance paperwork

Should I buy or lease? That’s a question the team at Land Rover Princeton hear all the time from people seeking a new vehicle, and there’s no one definitive answer to fit all drivers. The best thing to do is read through the benefits of each option and decide on the one that speaks to you the loudest.

Lease vs. Buying: What Are the Benefits of Leasing a Car?

Leasing is essentially the same as renting. You take the vehicle for a set number of months, make a minimal down payment, then continue to make monthly payments for the length of your lease term. Once it ends you can either trade up, walk away, or even buy the vehicle outright.
Here are a few benefits:

  • Lower Costs: You’re not paying off the vehicle’s entire value, so monthly payments and your down payment will be smaller. You’ll also pay less sales tax in most states.
  • Convenience: You have lots of flexibility at the end of your lease term, and you can trade up or move on without the fuss of looking at a whole new vehicle.
  • Great Coverage: When you lease, the manufacturer warranty usually covers the entire term.
  • Modern Features: Since you can upgrade to the latest model every few years, you’re never far behind the newest features.

Lease vs. Buying: What Are the Benefits of Buying a Car?

You’ll see plenty of dealerships offering new and used cars across South Brunswick and Mount Laurel. Financing is set up to pay off the vehicle in full, and it will be yours to do with as you will.
Here are a few benefits:

  • Better Investment: Payments are higher than with leasing, but once they’re over you can either sell the vehicle or keep driving without any monthly payments at all. The cost over time is lower than when you lease.
  • No Restrictions: Lease contracts usually stipulate a maximum number of miles and minimal customization. If you want to drive frequently between Flemington and Hopewell, buying is probably the better option.
  • Financing Flexibility: If you have a good credit score, you should have lots of options during the financing process; if you don’t, you can always refinance later to improve your monthly payments and interest rates.

Find Your Next Vehicle from Land Rover Princeton

Whether you want to talk through leasing or explore car buying tips, like how car finance workswe’re always happy to be of assistance. For any further advice or information, don’t hesitate to get in touch today.

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958 Route 206 • Princeton, NJ 08540

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Land Rover Princeton 40.398754, -74.6514967.