Should I Buy or Lease?

Finance Paperwork with Glasses

 

You’ve decided that you want to upgrade your Lakewood travels with a new Genesis, but you may be wondering, “Should I buy or lease?” This is one of the most frequently asked questions our finance center receives, so we’ve created this guide to help shoppers make a well-informed decision. Keep reading to find out whether leasing or buying a luxury car is best for you. 

 

 

Leasing vs. Buying: Long and Short-Term Costs

  • Leasing offers lower monthly payments, a lower down payment, and fewer taxes. However if you’re upgrading your lease every few years, you won’t notice a drastic difference in your monthly payments. Since leased vehicles are covered under a warranty, you won’t have to worry about expensive service or repair costs. 
  • Financing allows Westminster drivers to get rid of their monthly payment entirely, which will lead to ownership of the vehicle. Plus, buying a used vehicle is typically cheaper than leasing a new model. While drivers who pay off their financed vehicle will spend less than drivers who continually lease, repairs costs tend to increase as the vehicle gets older.

The Bottom Line: Most drivers keep their vehicles for about three years, and if you’d like access to the latest features, leasing will be your best option. On the contrary, if your goal is to reach full ownership of your vehicle, financing is the way to go. 

Leasing vs. Buying: Mileage & Restrictions

  • When you finance with the intent of pursuing full ownership, you don’t have to adhere to mileage restrictions. 
  • When you lease an automobile, you have to stay within strict mileage limits or you’ll have to pay a fee at the end of your lease. 

The Bottom Line: If most of your drives consist of short trips around Arvada, leasing will be suitable. Those who enjoy tackling lengthy road trips on the weekend will find financing to be a better option.

Leasing vs. Buying: Total Ownership and Customization

  • When you purchase a vehicle, you can make any desired customizations or modifications that you like. You can even make extensive changes by adding custom parts or upgrades, although this may void your warranty. 
  • Leasing an automobile requires keeping it as clost to factory condition as possible. That’s because the dealership still owns the vehicle, and they’ll need to resell it once you hand the keys back over. 

The Bottom Line: Drivers who enjoy customizing their vehicles will want to opt for financing. On the other hand, if you don’t have any desire to make any modifications, leasing is a great option.

Leasing vs. Buying: Freedom, Options, & Processes

  • Financing offers more flexibility in a sense that you can sell or trade the vehicle at any time. You may even be able to refinance the automobile for a lower interest rate. And of course, the car is yours to keep for as long as you would like. 
  • Leasing is easier and more convenient. As long as you take good care of the vehicle, all you have to do is drive it back to our lease return center at the end of your lease term. From there, you can either upgrade to a new vehicle or purchase that model that you have been leasing.

The Bottom Line: Many Golden drivers are attracted to the simplicity of leasing, but if you’re comfortable with maintaining and reselling a vehicle, the money you’ll receive for trading in a car can help offset future costs. 

Learn More About Your Leasing and Financing Options at Genesis of Golden

Still have questions about whether leasing or buying a luxury car is right for you? Contact Genesis of Golden today for assistance. Our financiers are committed to helping customers make the best buying decisions for their financial circumstances. When you give us a call, be sure to inquire about our new vehicle specials so you can get a great deal on your leased or financed Genesis.

 

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