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If you’re in the market for a new car but aren’t sure if buying or leasing is the better option for you, check out this leasing vs. buying guide from the team at Miracle Toyota of North Augusta.
We serve drivers near the Beech Island and North Augusta, South Carolina, and Augusta, Georgia, areas, and our team is on hand for all your car questions.
Keep reading to learn more, and then reach out when you’re ready to get started!
Leasing is like a long-term rental. You drive a new car for a few years, and when the lease is up, you return it to the dealership. Since the dealership still technically owns the car, your lease plan will include mileage limits. These mileage limits are usually in line with what the average person drives in a year, so for drivers who mainly use their cars for local commutes, leasing is a great option.
Buying a car is what it sounds like. It’s yours to do with as you please, and when you’re ready for a new car, it’s yours to sell or trade. Most drivers who buy a vehicle do so with an auto loan. Once the loan is paid off, you get the car title.
Leasing is a popular option because it’s an opportunity to drive a new car for a few years without as much commitment.
One benefit of leasing is the flexible end-of-lease options. When your term is over, you can start a new lease in a new car, you can buy the car you’ve been driving, or, if you prefer, you can drop the car off and be on your way. For drivers who anticipate a major life change in the next few years, like starting a new job or growing their family, having so many options down the line is helpful.
Another benefit of leasing is that since you’ll be driving a new car, most if not all of your regular maintenance services will be covered under warranty. Plus, new cars tend to need fewer maintenance services than old cars.
Leasing also often requires less of an up-front investment than buying. Since you’re not paying for the vehicle itself, costs are lower, and in turn, monthly rates and taxes tend to be lower, too.
When you buy a car, you own it outright. This means you can customize it however you please. Install a new radio, attach roof racks, or get new rims—it’s all up to you. Most drivers finance their vehicle; that is, they take out an auto loan and repay it over time. Financing a vehicle is a great way to build equity, and making payments on time can boost your credit score, too.
For drivers who know they would like to hold onto their current car for a long time, buying is a great option. In addition, buying a car means there are no mileage limits, so you’re free to take that cross-country trip out West care-free.
When it comes to leasing vs. buying, there are advantages to both, so choosing one or the other comes down to your lifestyle and needs.
Ready to get started on leasing or buying your next car near the Beech Island and North Augusta, SC, and Augusta, GA, areas? Call or contact us at Miracle Toyota of North Augusta.
