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Leasing vs. Buying a Car

The leasing vs. buying a car dilemma is one faced by thousands of Americans each year. Truth is, there’s no one-size-fits-all answer. Instead, you need to consider the advantages of each approach and then decide which one best fits your needs, finances, and credit situation.
So, what are the advantages of leasing a car vs buying a new Acura? We’ve put together a quick and easy guide.

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Benefits of Leasing a New Acura

Having lower monthly payments is probably the most persuasive leasing benefit. Instead of covering the vehicle’s total value, payments reflect the amount it falls in value over your lease term – this is known as the vehicle’s residual value.
To put this in perspective:

  • If you buy a new vehicle for $35,500 with a $2,500 down payment, you’ll finance for $32,500 with no trade-in.
  • If you lease the same vehicle for 36 months and it has a residual value of 50%, you’ll only pay $17,500 over the lease period.

There are a few other financial factors, but leasing should drastically reduce your costs. Acura vehicles are especially attractive because they hold high residual values; their value doesn’t drop very quickly, so lease payments tend to be low.

Benefits of Buying a New Acura

Buying costs a little more than leasing, but every payment you make will be making the vehicle your own instead of just renting it out. If you have a good credit rating and can afford slightly higher monthly payments, buying a vehicle can be a good investment. Once the vehicle is paid off, you can keep driving without monthly payments or choose to sell it on. If you like driving the same vehicle for more than a couple of years, buying is a good option. Further benefits include:

  • Mileage Freedom: You’ll face no additional penalties for wear and tear or worries about exceeding mileage restrictions.
  • Option to Customize: Reflect your preferences or sensibilities by customizing the body or adding accessories to your vehicle.
  • Finance Flexibility: You’ll typically have more wriggle room when it comes to financing, especially if you have excellent credit. Look out for special loan programs that finance 100% of the new vehicle price.

Further Benefits of Leasing

  • Warranty: In most cases, the lease period won’t exceed the timeframe of the manufacturer’s warranty, so you’ll drive without worrying about high repair costs.
  • Technology: Leasing lets you change up every couple of years, so you’ll never be too far behind the latest safety, comfort, and convenience features.
  • Efficiency: Newer vehicles tend to be more efficient as well as more advanced than older ones, so you’ll save on fuel and feel more eco-friendly.

Considerations When Leasing a New Vehicle

  • Mileage Restrictions: Lease agreements come with mileage limitations. These cover the needs for most drivers, but those who regularly tackle long distance drives might face added fees if they surpasses the designated mileage.
  • Condition: A leased vehicle must be returned in good condition. You could be responsible for excessive wear and tear, and you can’t make any alterations.
  • Lack of Equity: Leasing is the same as renting. You get the vehicle, but you’re not building any equity.

Keep in mind that you can often finance the car at the end of the lease period if you decide you want to keep it.

Concerns When Buying a New Vehicle

It’s typically harder to get together the capital to start buying a vehicle outright since the down payment should be higher as well as the monthly payments. You can use an online payment calculator to get a rough idea of your costs.
It’s also hard to predict how much your vehicle will be worth in the future. Market fluctuations will affect that price, though Acura’s strong residual value ratings should help keep your selling price relatively high.

Lease or Buy at Your Local Kansas City Acura Dealership

You find more than the latest range of Acura vehicles are your local Kansas City dealership – you’ll also find Acura professionals ready to help you decide between financing and leasing. They’ll even talk you through special offers to make each option that bit more enticing, so don’t hesitate to visit today.

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Kansas City Acura Dealers

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Phone: 555-555-5555

http://maps.google.com/?q=1864%20Highgrove%20Lane%2C%20Naperville%2C%20IL%2060540
41.7756238 -88.2010712
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Kansas City Acura Dealers
Kansas City Acura Dealers
, , United States
555-555-5555
https://di-uploads-development.dealerinspire.com/kansascityacuradealersphase2/uploads/2017/10/KansasCityAcuraDealersOGImage.png
Kansas City Acura Dealers 41.7756238, -88.2010712.