Buying vs Leasing | Dayton, OH

It can be difficult to decide whether to lease a car or buy one outright. This is because there are pros and cons to both approaches. When you lease a vehicle you may well be able to drive a car that is quite nice. You also won't be stuck with it forever if you don't like it. That said, when you buy a vehicle, you do own it once you've made all of the payments that you need to make. This article is going to examine both options in-depth to help Dayton, OH residents figure out which one is right for them.

Leasing a Vehicle

When you lease a vehicle you pay a set amount of money every month to drive a new car for a fixed term, which is usually measured in years. Lease agreements also commonly include a yearly mileage cap and require you to pay extra if you exceed it. At the end of the term you return the vehicle to the dealership.

This has a number of advantages compared to buying a vehicle. Your monthly payment is going to be less than it would be on a new car because you're just paying an amount equal to the depreciation of the car's value during the years in which you drove it, along with some financing fees. Since it's a new vehicle when a lease starts there is a reduced risk of car trouble during the lease period. Xenia residents will also be able to enjoy the latest safety features when they lease a new vehicle.

Buying a Vehicle

While there are advantages to leasing a vehicle, there are also drawbacks. Namely, you do not own the vehicle at the end of the lease period. This is, for many Ohioans, the biggest draw of purchasing a car: you build equity in the vehicle during the loan period, and then own it once you've paid it off.

This is, in the short term, more expensive than leasing a car as you're paying for the full value of the vehicle, along with loan interest in most cases, as opposed to the lower cost of a lease. That means that some Middletown, OH residents might not be able to enjoy brand-new technological and safety figures if they can't afford to purchase a new-model vehicle - the average price of which is now almost $40,000. So, you might end up buying a slightly older new vehicle or even a used one in order to make the process of buying a car affordable.

Conclusion: Leasing vs Buying

For some Dayton drivers leasing will be the right way to go. It allows you to drive a brand-new vehicle with cutting-edge safety features for cheap; you're also unlikely to run into significant car trouble during the lease period. On the flip side, however, you won't be building equity in the vehicle over the term of the lease. That's why other drivers will want to buy a car, even if it's more expensive in the short term. The right decision might not be the same for everyone.

Here at Evans Volkswagen our service goes Beyond the Showroom. That's why we offer at-home test drives! Our knowledgeable staff will be happy to discuss the different options for purchasing or leasing a vehicle from our Dayton, OH dealership. We hope to see you soon!