Leasing vs. Buying

Shaking Hands Over Sold Car

 

If you’re looking at a car and don’t know the difference between leasing and buying, there are several things to consider in the process of buying your car. Leasing vs. buying gives various advantages to each side, but you can only choose one. Choosing between a lease vs. finance plan means you need to act smart as a Larchmont driver. We’ll help you through the decision! Mercedes-Benz of New Rochelle is committed to your car buying needs and we’d be happy to help no matter what kind of life you lead.

Benefits of Leasing 

If you choose to lease in Mamaroneck, you will essentially rent a vehicle for a temporary term. In general, it’ll be three years. Because leases only charge the value lost from driving the vehicle, you’ll have a smaller monthly payment. In addition, you won’t have to make as large a down payment. What else do you get?

  • Warranty coverage. The savings get even better, because your vehicle will fall under its original manufacturer warranty over the course of your lease term. This means you won’t have to pay for routine maintenance or major repairs.
  • Less risk of being upside down. If you finance, you run the risk of owing more on your loan than your car is worth. If you lease, you don’t have to worry about depreciation at all!

Benefits of Financing 

If you finance, you’ll be able to chip away at the full value of your car. After you pay off the loan, you’ll own the model outright. You can even modify or sell the car later down the road. Financing is more cost-effective over the long-term, but it’s also a big commitment. You will make larger monthly payments, put more money down, and pay more sales tax, but you’re building equity. Benefits include:

  • You build equity. Should you choose to sell the car, you’ll receive the funds, meaning each payment invests in the value of your own assets. You can use the funds from the sale as a down payment on your next vehicle.
  • Building credit. When you have more in assets, that makes you more credit-worthy and you’ll get a better offer on your next loan in Bronxville.

Mercedes-Benz of New Rochelle Can Answer All Your Questions! 

If you have more questions about a lease vs. finance plan and which is better for you, we can help at Mercedes-Benz of New Rochelle! Leasing vs. buying is a common topic at our finance center, and we’ll help you out no matter which you pick. Contact us today to learn more.

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