If you’re dreaming of being behind the wheel of a new Genesis in White Plains but are concerned if the payment will fit your budget, leasing is a great option! Here the finance specialists at Genesis of White Plains answer the question, “Should I buy or lease a car?” and compares leasing vs. buying so you can decide which is best for you. Learn about car finance vs. a lease below, and explore our new car inventory online or at the dealership! Let’s make your new car dreams a reality today!
So, what is leasing, and why would a New Rochelle driver choose leasing vs. buying?When you lease a car, you’re essentially renting it for several years. While you won’t build equity and can’t sell it or modify it, your monthly payments will be lower and your down payment smaller. You’ll also save on sales tax. Other benefits of leasing vs. buying include convenience and flexibility. When your lease ends, you can renew it, trade it, end it, or buy it. However, you must adhere to mileage restrictions or pay penalties at the end of the lease.
The answer to “Should I buy or lease a car?” depends on your needs. When you finance a new vehicle, you take out a loan on the car’s value to pay it off, so you’ll have a larger down payment, have to pay more sales tax, and have larger monthly payments. However, you can sell the car anytime. You can customize it to your liking and put as many miles on it as you want. You’ll also recoup thousands of dollars you’ve invested into your loan’s principal. Financing is usually the most cost-effective long-term strategy, but it requires higher upfront costs and more significant commitment.
Now that you understand the differences between leasing and buying, if you’re still wondering, “Should I buy or lease a car?” contact us at Genesis of White Plains. Our finance pros will answer all your questions. Plus, you can enjoy a test drive around Scarsdale in a new Genesis! We are conveniently located near Bronxville, and you can start the process by completing our online credit application.
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