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Should I Buy or Lease?

If you haven’t bought a car around SALT LAKE CITY, you might be curious about the differences between leasing vs. buying. One of the most common questions we get asked from customers is, “Should I buy or lease a car?” We want to explore both strategies and highlight the benefits they can provide for you. After learning about leasing vs. buying, you can also apply for financing and get the process started at our dealership!
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The Benefits of Leasing

When discussing leasing vs. buying, it’s important to define how each process works. When a driver leases their vehicle, you are essentially paying to rent your car for several years. While you won’t get to build equity or sell your vehicle, you will only pay for depreciation occurring during your lease term. At the same time, when your lease ends, you can renew it, swap your vehicle out, end it, or finance the lease’s remaining value.

    The Benefits of Buying

    When you decide to finance and buy your vehicle, you will take out a loan on the vehicle’s full value to own it. Your value will be more than the depreciation that occurs during a temporary lease period. As a result, you’ll pay a much larger down payment, pay more sales tax, and make larger monthly payments. Yet, you will be able to sell the car any time you want and recoup the money you’ve invested into the principal of your loan. Financing can be the most cost-effective strategy. However, it does require large upfront costs and a greater commitment.

      Explore Leasing vs. Buying in SALT LAKE CITY Today!

      Still thinking, “Should I buy or lease a car?” That depends entirely on you and your current needs. If you have any additional questions, we are here to answer them. Check out our new and pre-owned vehicle specials and see how much you can save on your next model. Buy or lease your next vehicle at Salt Lake Valley Buick GMC today!