Many car buyers go back and forth on the question of buying vs leasing a car near Memphis. This is a big decision and there isn’t always a cut-and-dry answer to the question. There are pros and cons for each one, which is why Mid South Auto Loans wants to help you out with this tough question with a closer look at the differences between buying and leasing.
Buying a Car Near Memphis
The most obvious advantage of buying a car is that you own the vehicle, which means you can do what you want. If you like doing your own repairs and maintenance than this is for you because you aren’t allowed to do that with a leased vehicle. Other advantages include freedom to drive as much as you want and that you can also sell this vehicle whenever you want.
Some disadvantages include higher down payments, monthly costs, and more money tied up in an investment that depreciates quickly.
Leasing A Car Near Memphis
Leasing has many advantages as well. The monthly costs are much lower, which means you can afford to drive a car you wouldn’t be able to buy outright. You get lower repair costs as well because the vehicle is always under warranty. It’s also great for anyone that likes to drive a new car every couple of years because once your term is up you can pick a new vehicle without any trade-in hassles.
The downside of leasing is that you get a set amount of miles that you’re allowed to drive each year (Generally about 15,000 miles). It is more expensive in the long run, and you don’t own the car at the end of the lease term. Also, if your driving needs change, it can be tough to end your contract early.
You can contact our Memphis area auto finance experts if you aren’t sure about buying or leasing yet. Feel free to give us a call today at (901)316-3434.