Buy vs. Lease


 


Overview

BUY

Purchasing a vehicle is ideal for people who want the responsibility of ownership. It's also the best option for those who want to customize their vehicle.                            
LEASE

Leasing a vehicle only gives you temporary ownership, but also the opportunity to trade in early. Leasing is ideal for those who do not drive much.

Upfront Costs

BUY

Down payment, taxes, registration and other fees.                            
LEASE

First month's payment, down payment, taxes, registration and other fees.

Monthly Payments

BUY

Higher overall cost than lease payments, because you are paying off the cost of the vehicle.                            
LEASE

Usually lower than purchase payments. Manufacture incentives available. Only paying off the depreciation of the vehicle during the lease term.

Mileage

BUY

No restrictions on how many miles can be driven in your new vehicle.                           
LEASE

Mileage limits depending on what is listed in your contract. You will have to pay charges for exceeding the limit.

Vehicle Return / End of Lease

BUY

At the end of the loan term, the vehicle is paid off. You would then permanently own the vehicle. You can sell or trade in the vehicle at any time.                            
LEASE

At the end of the lease term, you can return the vehicle. You can then purchase or lease a new vehicle. You can even purchase your current vehicle at a reduced price.