Should I Buy or Lease?

Couple sitting at sales desk at dealership

Has the time come for you to purchase a new or pre-owned vehicle? If so, you’re likely asking yourself, “Should I buy or lease?” This is a valid question and can pose a tough decision for many Farragut car buyers. 

Both leasing and buying have their own pros and cons, and one option isn’t necessarily better than the other. It just depends on your Sevierville lifestyle and which one better fits your needs and budget. Today at Ole Ben Franklin Motors, we’re going to compare leasing vs. buying to help you with your next automotive purchase.

Pros & Cons of Leasing vs. Buying

Many Seymour shoppers ask our finance team, “Should I buy or lease?” and we always mention the same thing; when deciding if you’re leasing or buying, it’s more important to consider which one works best with your lifestyle. We don’t usually recommend one over the other due to both being a viable option depending on what you’re looking for. Let’s take a look at the pros and cons of leasing vs. buying below:

Pros of Leasing

  • Lower monthly payment
  • Easily upgrade to new vehicles
  • Warranty coverage
  • Nicer vehicle for less money
  • Possible tax advantages

Cons of Leasing

  • Mileage limitations
  • Have to return the car at end of lease
  • Customization restrictions
  • Possible wear and tear fees
  • Possible termination stipulations

Pros of Buying

  • Built equity over time
  • No mileage restrictions
  • Unlimited ownership term
  • Ability to apply customizations
  • Fewer trade-in confinements

Cons of Buying

  • Higher monthly payments
  • Maintenance/repairs post-warranty
  • Larger depreciation concerns
  • Unpredictable resale value
  • Possible larger down payment requirement

Get More Car Buying Advice Today at Ole Ben Franklin Motors!

As we mentioned, when comparing leasing vs. buying, one isn’t better than the other so if you’re unsure about what you want to do, pay our Knoxville finance team a visit. We’ll provide you with plenty of information and car buying advice to help you with your decision. 

Buying a new or new-to-you vehicle doesn’t have to be stressful. Ole Ben Franklin Motors is proud of what we do, and we’ve helped customers purchase their favorite model with all kinds of backgrounds. If you have any questions or concerns, please let us know how we can help!

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