Family sitting in back of new truck in autumn weather

Should you buy or lease your next car?

The decision to buy or lease depends on a number of factors, including how long you intend to keep the car. Before you sign the deal, weigh the pros and cons of both options and consider your top priorities when shopping for a car.


Leasing - Drive a new car every few years

Pros

  • Lower monthly payments compared to an auto loan.

  • Convenience of driving new cars with the latest features.

  • Leased vehicles are protected by a warranty.

Cons

  • Restrictions on mileage, customization and wear-and-tear.

  • Unexpected lease-end fees can be costly.

  • Pay more in the long run compared to buying a car.

Leasing tip: Be sure to check the fine print of a leasing contract for fees and restrictions.



Buying - Get the most value

Pros

  • Lower cost of ownership in the long term compared to leasing.

  • Build resale or trade-in value.

  • No restrictions on the number of miles you drive.

Cons

  • Higher monthly payments compared to a lease.

  • Repairs are your responsibility (if out of warranty).

  • You’re responsible for selling or trading in the car.

Buying tip: A low-rate auto loan helps make buying even more affordable. When you pay off the loan in the future, you’ll free up money to focus on other goals.




Is buying a car a better fit for you?

When you make the right moves, buying a car can help you get ahead financially. Sometimes tapping your home’s equity to access the funds you need to purchase a vehicle can make good financial sense. Our consumer lending experts make it easy to finance your next vehicle purchase. Talk with one today by calling (877) 820-2265.

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