Buying vs. Leasing
Buying vs. Leasing Your New Chevrolet or Buick
At Thielen Motors, we understand that car shopping can be overwhelming. That's why our team of experts are here to help you find the perfect Chevrolet or Buick to fit your lifestyle needs, goals, and personal preferences, all while staying within your budget. Whether you want more information on leasing and financing or want to visit us for a test drive, our dealership is conveniently located at 909 1st St W, Park Rapids, MN 56470. If you're looking to finance your next vehicle, our financing specialists will work with you to find the best plan possible. We'll review every option clearly, ensuring you have all the information needed to make an informed decision.
What's The Difference Between Leasing vs. Financing?
When you finance a new car, you're taking out an auto loan and becoming the vehicle owner. On the other hand, when you lease a car, it's more like renting the vehicle and making payments that enable you to use it for a set period of time. Once the lease term ends, you'll need to return the car to the dealership.
Should I Lease or Purchase My Next Vehicle?
Choosing between leasing and financing has to do with your lifestyle and budget. If you’re planning on owning your next car for over five years, financing may be a better option. However, if you enjoy driving a new car every two to three years, leasing may be right for you. Your credit score, savings, and driving habits are also important factors to consider when choose between the two. Additional key leasing and financing differences include:
- Lease payments are lower from month to month.
- When your finance payments are complete, you will own your vehicle.
- If you prefer getting a new vehicle every three years, leasing may be more affordable.
- Leases have mileage limitations, so you may incur additional charges if you are a high-mileage driver.
What Are The Benefits of Leasing?
Leasing is similar to renting, as it entails making regular payments for the car's usage during a specified duration, with the vehicle being returned at the lease's conclusion. Leases typically last for 2-3 years; leasing offers several advantages, such as:
- Lower monthly payments.
- Never "upside-down."
- Fewer repair costs.
- Latest features.
What Are The Benefits of Buying?
Purchasing a car presents numerous advantages compared to leasing. With fewer limitations and the potential for it to appreciate as an asset, buying a vehicle emerges as an excellent long-term investment. The key benefits of buying include:
- No payments once the vehicle has been paid off.
- An asset with the option to sell.
- No mileage limitations.
- Option to customize.
What Are The Negatives of Leasing?
- No asset advantage
- Limited mileage, with the option to purchase extra
- Repairs can be costly if returned in rough shape.
What Are The Negatives of Buying?
- Higher monthly payments
- Higher down payment
- Higher repair costs
- Vehicle depreciation
What Does Financing a Car Mean?
When you finance a vehicle, you take out a loan from a financial institution to purchase the vehicle from a dealership.
Visit Thielen Motors Today
Thielen Motors offers a wide range of choices for all your automotive needs. As the premier dealership in Park Rapids, MN, our mission is to be the ultimate automotive home for drivers in the area. Whether you're interested in leasing or financing, we have the best deals to suit your lifestyle and budget. Our extensive inventory includes new and used vehicles, ensuring you find the perfect match. Count on us for exceptional car care and customer service, providing a premier dealership experience.