Should I Buy or Lease?

Woman reading a car purchase contract

If you’re shopping for a new vehicle near Blue Ash, you may be wondering, “Should I buy or lease?” There’s no wrong answer in general, however, the right path for you depends on your finances, driving habits, and preferences. There are benefits to both buying and leasing, as well as possible drawbacks. To help Montgomery drivers decide, we’ve compared leasing vs. buying below! Find out which is best for you.

What Are the Benefits of Financing a Car?

  • Unrestricted Mileage: Do you spend a lot of time behind the wheel — more than the average driver? If so, buying might be a better option for you because you’ll be able to drive the car as much as you want. Car leases often come with mileage restrictions. If you don’t drive much, however, consider leasing.
  • Eventual Ownership: When you finance a car, you make monthly payments until you eventually become the legal owner. You don’t own a leased vehicle; you drive it for as long as the leasing contract allows, then return it or purchase it.
  • Freedom to Personalize: When you own a car, customizing it with upgrades is part of the fun. Most car leases restrict modifications of any kind.
  • Freedom to Sell the Car: Since you’re not locked into a lease agreement, you can opt to sell your vehicle whenever you choose.
  • Financing Options: Leasing a car isn’t especially hard, but it can be difficult to lease if your credit needs work. Financing is more straightforward, and there are solutions available to those with not-so-perfect credit scores. With financing, you also have the option to refinance your auto loan to possibly lower the interest rate and monthly payments.

What Are the Benefits of Leasing a Car?

  • Lower Monthly Lease Payments: One of the biggest benefits of leasing is lower monthly payments. When you lease, you pay for the car’s depreciation while it’s in your possession, as opposed to the entire cost of the vehicle.
  • Lower Sales Tax: Leasing often lowers the sales tax on a vehicle. Usually, lessees pay tax on the down payment and monthly payments.
  • Lease-End Options: When your lease term is over, you have a number of options. You can return the vehicle and walk away, swap it for another, or purchase it with the help of our financing department.
  • Warranty Coverage: It’s easy to get warranty coverage when you lease a car. When the need arises for repairs or maintenance, you’re covered as long as you don’t exceed your mileage limit.
  • Access to New Technologies: If you enjoy having access to the latest technologies, leasing a new car every few years guarantees you’ll get the newest infotainment systems, sound systems, safety features, and more.

Explore Your Lease vs. Buying Options at Mercedes-Benz of Cincinnati!

When you decide to lease or buy, keep in mind that what works for some may not be the best choice for you. We can help you choose the right path for your finances and driving goals! Contact us to learn more about your options, what is a good car loan rate, or to schedule a test drive near Montgomery and Sharonville. While you’re here, be sure to ask about our Mercedes-Benz SUV lease specials, as well as our Mercedes-Benz finance and lease specials!

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