Should I Lease or Buy a Car?

Lease Agreement

If it’s been a while since you’ve looked for a car in the Collegeville area, it’s normal if you’ve forgotten the distinctions between leasing and financing. Every day at Wynn Volkswagen, we explain the many advantages of each strategy to consumers like you. Please consider the differences listed below. Then, peruse our new inventory, apply for financing, and get in touch with us to schedule a test drive at Wynn Volkswagen. 

The Advantages of Leasing

How is leasing defined? When Phoenixville drivers choose to lease, they are effectively renting a vehicle for several years. While they cannot create equity or sell the car, they are only required to pay for the depreciation during the lease period, resulting in cheaper monthly payments and a smaller down payment. Additionally, they will have to pay a lower amount of sales tax. Another advantage of leasing over purchasing is flexibility. You can renew, exchange, terminate, or finance the remaining value of your lease when it expires.

Advantages of Financing

“Should I buy or lease a car?” Let’s look at the benefits of the former. In order to address this topic, let’s focus on funding. When you finance a car, you obtain a loan for the entire value with the intent of paying off the loan and ultimately owning the vehicle outright. Expect to make a greater down payment, pay more sales tax, and make larger monthly payments because the car’s total value will exceed its depreciation for a short time. However, you can sell the vehicle anytime and recover the thousands of dollars you’ve contributed to the loan’s principle. Financing is usually always the most cost-effective option, but it demands a larger investment upfront and monthly and a larger commitment in the long run. If you’re prepared to commit to a finance payment and down payment, securing a car loan can be extremely advantageous. If you’re confident about your financial status and taking on a monthly payment, apply for financing and see what type of rate you qualify for. 

Learn More About Leasing and Financing at Wynn Volkswagen

Call 610-708-1433 if you are still uncertain about whether you should purchase or lease after reading about the differences between these two methods of obtaining a new vehicle. Our network of lenders is delighted to guide our King of Prussia clients through their options and assist them in identifying the most cost-effective solution. Explore our new vehicle specials to see how much you can potentially save on any one of our new models. 

 

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