A common question we hear at Basil Resale Sheridan is, “Should I buy or lease?” There really is no one-size-fits-all answer to this question, as each method has its own unique set of advantages and disadvantages.
While neither path is ‘better’ than the other, generally one will be a better option for your specific driving needs and budget. Basil Resale Sheridan explores your options below so that you can make a more informed decision. Find the car of your dreams today.
Leasing offers lower monthly payments initially, and you will also likely end up spending less on taxes and your down payment.
Financing gives you a chance to eliminate your monthly payment entirely. Once the loan is paid off, you do not have to make a car payment anymore. If you are always leasing a new vehicle every couple of years, monthly payments will be continuous.
Leasing vs. Buying: Mileage & Restrictions
Financing means you are free from limits on customization and mileage restrictions.
Leasing comes with mileage limits, and you will be charged for excess wear and tear on the vehicle. Because the car is returned when the lease is complete, it will need to stay as close to factory condition as possible.
Leasing vs. Buying: Your Options
Financing gives you flexibility. You can sell the car at any time, or you can try to refinance your loan for a lower interest rate.
Leasing is convenient. You can drive a brand new vehicle every couple of years, and you don’t have to deal with selling the car when it’s time for something new.
Contact Basil Resale Sheridan for More Information
If you have any additional questions about your financing options, do not hesitate to contact us today. You can even begin the pre-approval process right from home with our secure online application.