When you set out to find your next vehicle, there are a ton of exciting choices that need to be made including what kind of vehicle you want, what features and capabilities you need, and so on. One additional all-important decision you need to make is how you're going to finance your next vehicle.

There are essentially two options: leasing your next vehicle or buying it. Shoppers in Warrington, Doylestown, and Chalfont who are trying to decide between the two have come to the right place. Read ahead to learn more about leasing and buying and how the two options differ!
 
THE MAIN DIFFERENCES BETWEEN LEASING & BUYING

There are a number of core differences between leasing and buying a vehicle. The biggest and most obvious of these differences is the matter of ownership. When you lease a car, you're essentially renting it for use over the specified terms. When you buy a car, you will own it after you finish paying it off.

While this may be the core difference between these two financing options, it's not the only difference. This difference opens the door to a number of other important distinctions between leasing and buying.
 
MORE ON THE OPTION OF LEASING A VEHICLE

As we've already discussed, leasing is essentially the process of renting a vehicle for however long your lease term specifies. With this "rental agreement" of sorts, often comes lower monthly payments as well as a small, or sometimes no, down payment.

With lower monthly payments to work with, you can really make your budget stretch by leasing your next vehicle. Lower monthly payments could allow you to get a higher trim level, more technology and safety features, and even a luxury vehicle.

There's even benefits to be had when it comes to the end of your lease term. When your lease is up, you can either decide to easily return the vehicle and perhaps get a different one, or buy out the rest of your lease and own the vehicle you've gotten attached to.
 
THE PROS & CONS OF BUYING YOUR NEXT VEHICLE

The advantages of buying differ greatly from those of leasing, but are beneficial just the same. The first and most obvious benefit is ownership of the vehicle. Once your loan is paid back or you've paid the dealership in full, that vehicle is yours with no questions asked.

Owning your vehicle means you'll be able to customize it how you like. Paint it a different color. Add more interior features to it. Replace the infotainment system. Even make body modifications to the vehicle if you'd like.

When you think it's time to move on and get another vehicle, you can sell this vehicle or trade it in to supplement the payment for your next vehicle.
STILL HAVE QUESTIONS?

As you can see, no matter which route you take, you'll be in good shape. If you're in the area of Warrington, Chalfont, or Doylestown and would like more information about the differences between leasing vs. buying a car, Fred Beans Chevrolet can help. Give us a call or stop into our showroom for help today! 

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