Leasing vs. Buying
At Briggs Auto we understand that many people are not sure whether to lease or buy a car. When comparing leasing vs. buying there are many things you need to consider before making the determination of which option is right for your next vehicle. Our highly trained sales people across the Briggs family of dealers are well versed in leasing vs. buying and will be happy to explore your options with you. In the meantime here are some tips that may help you determine the answer to your leasing vs. buying decision.
One of the most confusing areas of the leasing vs. buying debate is equity. When you buy a car you build equity as you pay it off and when you lease a car you gain no equity; this is true, but it fails to take into account some very important factors. First, you pay 30-60% less for a lease and also save as routine maintenance usually comes with a lease so you don’t shell out extra, just your monthly payment. Add to this the fact that your gaining equity in a depreciating asset, meaning the money you get out will never be equal to the money you put in.
We often think of homes when we think about equity, where you can do a $20,000 renovation and recoup that expense and possibly more when you sell the house. You’d be hard pressed to find a car you can put money into and get an equal or greater amount out, barring some ultra-rare collector car like the 1963 Ferrari 250 GTO pictured on right. It’s for precisely this reason that it may be a better choice to lease if you’re debating leasing vs. buying your next vehicle.
If you want a new vehicle every couple of year, mileage constraints don’t affect you, and you don’t like to shell out extra for maintenance the leasing is likely a better option for you. If you plan to keep your vehicle for an extended period of time, you like to customize your vehicle, you’re particularly hard on a vehicle then buying may be the correct option.
Leasing vs. buying is certainly a complex decision and one that many people will grapple with when shopping for a new vehicle. With friendly and professional sales professionals who understand both we can help you make the choice between leasing vs. buying. You can shop out entire inventory of new and used vehicles online, including current specials, then schedule a test drive and we’ll have your vehicle choice waiting for you to drive when you arrive. Come in and experience the Briggs Advantage and let us help you with your next vehicle purchase, whether leasing or buying.