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What are the Major Differences Between Buying and Leasing a New or Used Car?

Last updated 7 years ago

Purchasing your next Volkswagen or Subaru will require a series of decisions, some more challenging than others. One decision that must be made when car shopping is whether to buy your next car or to lease it. Each option has its own advantages, and what may be the right decision for one person may not be ideal for another. Here is a brief description of the major differences between buying and leasing a car:

  • Price

The price difference is often a major factor in the buy vs. lease decision, but it can be a bit confusing. Leases require smaller down payments and often have lower monthly rates. Buying a car will have a higher initial cost, but after ten years, the car will have been long paid off, while someone with a lease will have had to go through the process two or three times, eventually spending up to twice as much money.

  • Flexibility

One major benefit of leasing is the opportunity to drive new cars on a regular basis. Some people are drawn the idea of paying a bit extra in the long run in order to constantly drive nice, brand-new cars. When you purchase a vehicle, you commit to driving that car for many years to come, at least until you have paid off enough of the loan to sell the car for more than what you owe.

  • Ownership

Buying a car instills a sense of pride in many people—yet with a lease, you do not get to enjoy the sensation of ownership. Beyond being able to say that a car is yours, ownership allows you more freedom with the vehicle. Leases often have mileage restrictions that may be too stringent for some drivers. And while maintenance on a lease may be less costly, it must be done on a specific schedule and at specific locations.

Whether you want to buy or lease your next car, call Falcone Automotive at (317) 263-0002 to discuss your financing options. We are located in the Indianapolis area, and specialize in the sales and expert maintenance of Volkswagen, Subaru, and Saab vehicles. Contact us online to learn more about our commitment to providing affordable cars and top-notch service to our clients.


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