Buy vs. Lease Your Car
Should I Buy or Lease?
If you live in the region including Concord and Matthews, NC, Rock Hill and Fort Mill, SC, or anywhere near the Charlotte, NC area, you need a dependable vehicle that you can also enjoy. If you are having trouble deciding whether to buy a new car or lease one, here is a checklist that highlights some of the biggest differences between buying and leasing.
| Buying | Leasing | |
|---|---|---|
| Ownership | The vehicle is yours and you can keep it or sell it, the choice is yours, too. | You don’t own the vehicle, unless you decide to buy it when your lease ends. |
| Cost Up-Front | They include the down payment or cash price, as well as registration, fees and taxes. | They include the down payment, your first payment, your security deposit, and registration, fees and taxes. |
| Payments | Your vehicle is yours to sell or trade whenever the mood strikes you. | Early-termination charges might really put a big dent in the old wallet. |
| Termination | Your vehicle is yours to sell or trade whenever the mood strikes you. | Early-termination charges might really put a big dent in the old wallet. |
| Return | When you decide you want or need a different vehicle, trading yours in or selling it is on you. | When the end of lease term comes, turn it in, pay any monies due, and just walk away. |
| Future Value | Every vehicle depreciates over time, but whatever is left of its cash value is yours. | It might not affect you financially, but you also have no equity in a leased vehicle. |
| Mileage Limits | Drive as many miles as you want, keep in mind that high mileage can affect value. | A lease generally limits your available mileage, but you will have to pay if you go over that limit. |
| Wear and Tear | No one is watching what you do to your own car, but allowing too much wear could lower its resale or trade-in value. | A lease holds you responsible, and makes you pay, for excessive wear and tear. |
| At The End | Your car is paid off within four to five years, and if you sell it, you keep the financial reward. | At lease end, two to four years, you don’t own a car. Its time to lease again, or buy one. |
| Customizing | It’s your car, do what you want to it! You could staple a stuffed monkey to the roof. Just don’t mess it up too much if you expect to sell it. | Any customization or modification you do has to be reversed before you return your leased vehicle. Any damage means you pay. |
Buying or Leasing: Which is Best for Me?
After considering the table above, you should be more prepared to make a decision between either purchasing a vehicle, or leasing one. We encourage our neighbors – from around Charlotte in Concord and Matthews, NC and beyond to Fort Mill and Rock Hill, SC, and the entire region – to come in and see us at Volkswagen of South Charlotte today to learn more. Our knowledgeable and friendly staff can guide you through the buying or leasing process with ease, and we welcome the opportunity to get you into the vehicle you deserve.