Once you've decided on the vehicle you want, all that's left to do is make the deal. Financing is a major part of getting a car and a major player in the auto industry. Both banks and automakers alike offer financing and finance options that cover almost everyone's income, credit score and other factors. Most dealerships offer options to buy or lease the vehicle.
Lease A New Car
When leasing, you're only paying a percentage of the vehicle's full price. By going with a lease, you're contracting the vehicle and returning it once the contract expires. The price you pay is the difference between the vehicle's full price and what it's expected to be worth at the end of the lease.
This can be financially beneficial to you, the driver, as the vehicle's worth at the end of the lease is decided at the time you sign. Even if the leased vehicle is worth less than predicted at the end of the contract, you aren't obligated to cover the additional difference. Keep in mind that some contracts limit how many miles you can drive per year. Bumper-to-bumper warranties generally cover the duration of the lease as well, meaning you only need to worry about routine maintenance.
Buy A New Car
When buying, you're buying the car outright with no contract other than paying the full price of the car. You don't return it at the end of the contract; it's yours for good. Once you're done paying it off, there are no more payments. On the flip side, once the warranty is up, all repairs are your responsibility.
Unlike leasing, the vehicle's worth isn't predicted beforehand, meaning the resale value could be lower than expected. Keeping the vehicle longer, say five to ten years, will keep a hefty amount of money in your pocket, as you wouldn't have any monthly payments once the loan is repaid.
Both buying and leasing are viable financing options. In the end it all comes down to whether you want to make monthly payments for the duration of each lease contract or pay off the vehicle in full and own it outright. Examine your financial situation and determine which is best for your wallet before making the decision. If you need help making the decision let INFINITI of Easton
help guide you today!