Should I Lease Or Should I Buy?

One of the most popular questions our finance team gets asked is: should I lease a car or should I buy one? This is a difficult question because there are no objective answers – it is entirely dependent on your personal budget and your driving habits. However, there are benefits that both methods offer, which can help elucidate the best option for you specifically.

Leasing is akin to renting an apartment, in that you are not buying the car, nor will you own it. However, leased cars have a fixed monthly price which is often more affordable than the monthly price you can get when you buy a car. This helps reduce the financial burden on your wallet, and is often a more cost-effective option for folks who want a short-term vehicle. However, leases come with mileage parameters and you are required to keep your lease in good condition.

If you are looking to invest in a vehicle long-term, then you may be interested in buying your car. With this financing method, you would likely take out an automotive loan to cover the initial cost of the vehicle. You would then pay down that load over a certain period of months. Buying a car gives you more freedom on the road, as you don’t have to abide by any mileage parameters.

Regardless of which option you would like to explore, our team can help answer all of your questions and provide you with the insight you need.

If you would like to learn more about our selection of vehicles, or about the financing process, we invite you to visit us at McDaniels Subaru of Columbia, located in Columbia, SC.

We look forward to helping you with all of your automotive needs! We proudly serve drivers in Lexington, Irmo, and West Columbia.

Categories: Finance
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