Leasing Vs Financing
What’s The Difference Between Leasing and Financing?
Deciding how to finance your new vehicle is always difficult, and a lack of understanding of your options doesn’t make the decision any easier. The key difference between financing and leasing your vehicle is that when you finance, the dealership transfers ownership of the vehicle to you after you complete your monthly payments. With leasing, however, the dealership always retains its ownership of the vehicle.
To determine which option is best for you and your needs, we’ll explore the benefits of each option thoroughly.
Pros of Financing Your Next Vehicle
The advantages of buying your next vehicle include:
- Once you complete your monthly payments, the vehicle is yours to keep with no additional required payments and you have the freedom to do what you want with your vehicle.
- Buying the vehicle also frees you from mileage restrictions that often limit leased vehicles, allowing you to travel as far and as often as you’d like.
- Owning your vehicle outright also allows you to customize your car, so it reflects you and your personality, an option that isn’t available to you through leasing.
- If your taste in vehicles changes over time, you have the option to either sell or trade in your vehicle, allowing you to pursue purchasing your next vehicle freely rather than waiting for the end date of your lease, which could be years away.
Pros of Leasing Your Next Vehicle
- Choosing to lease your vehicle often comes with the benefit of lower monthly payments and no down payment required.
- Through the terms of your lease, scheduled maintenance and repair costs for the vehicle you’re driving will generally be covered by the dealership.
- Leasing affords you the opportunity to drive a variety of vehicles, even those that would normally be out of your price range, exploring the full range of features and amenities available in higher-priced models.
- Sick of the hassle of selling or trading in your vehicles? When you lease your vehicle, once your term is up, all you have to do is hand over the keys and make your next selection.
Buy or Lease A New GMC in Las Cruces, NM
Once you decide which option suits your needs best, schedule a test drive of any model you have your eye on at our GMC dealership in Las Cruces or explore our new vehicle specials. For questions regarding financing or the vehicles available in our new vehicle inventory, we invite you to contact us at Sisbarro GMC.
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