Buy vs Lease
When it’s time for a new vehicle, you may be wondering if you should buy or lease your next one. First, we understand it’s not an easy decision to make, and as the industry evolves – so are your choices. If you’re a traditional car, truck, or SUV buyer, buying your next vehicle or leasing it were really your two choices, but today there is a third one available to Columbus-Area Drivers.
The newest choice is a subscription car service like the one from Drive Germain – offering members access to a fleet of vehicles to choose from. Maybe you’d like sedans during the week, but convertibles on the weekend, or a sportscar most of the time, but an SUV when needed. That kind of flexibility – powered by an easy to use app – allows Drive Germain members to “flip their ride” with just a few taps on their phone. Subscription car services are a flexible alternative to today’s traditional means of car ownership. If this sounds like an appealing option for you, you can learn even more at DriveGermain.com.
What Are The Benefits of Buying a Car
Once you’re finished paying off your Germain vehicle, you will own it and have equity that can be used as a down payment when you buy your next vehicle.
When you purchase a vehicle, you have the freedom to customize your vehicle with accessories and aftermarket parts. You can also drive as many miles as you like without worrying about any mile overage fees.
If you purchase a vehicle, interest rates can be as low as 0% APR with qualifying credit on your next Germain vehicle.
In addition to low financing rates, we also offer loans that extend up to 84 months. Regardless of your budget, you will be able to buy the vehicle you want at an affordable price.
What Are The Benefits of Leasing a Car
No Effect On Trade-In
When it’s the end of your lease, you won’t have to worry about your vehicle’s value or how it will affect the purchase of a new one.
You will be able to choose a different model every 2-4 years (the duration of your lease). So if your wants or needs change during that time span, you will be able to lease a different model.
Lower Monthly Payments
When you lease a vehicle, your monthly payments may be significantly lower since you are driving a vehicle for a specific time period and have a fixed mileage amount.
Even though it’s possible for you to finance a vehicle with the same length term as a lease, it’s typically more expensive for an identical vehicle. Leasing a vehicle allows you to have a shorter term while keeping your monthly payments affordable.
Common Questions About Buying vs Leasing
If it’s getting towards the end of your leasing period and you realize the vehicle meets your lifestyle, you can most definitely buy the vehicle. The lease contract will detail the price at which you can purchase your vehicle at the end of the lease. Talk with your sales consultant to learn more about financing options.
We recommend leasing a vehicle if you’re into having the latest technology. Most lease agreements last 2 to 4 years, so you will always be driving a car with the latest technology.
Usually, the best time to lease a car is shortly after the model year is introduced because the residual value will be the highest. That means there’s a good chance you’ll save money on the deprecation cost.
We recommend buying a car if you have a long daily commute. Most lease offers have a mileage limit. So if you surpass the limit, you will get charged for each extra mile after your lease.
Technically you don’t “own” a leased vehicle, so modifying the vehicle is in many cases not allowed. When it comes to lease contracts, they are restrictive regarding vehicle modifications. This means less freedom to customize your vehicle.
To lease a vehicle you have to be 18 years old.
Buying a vehicle may be the best choice because the large down payment will help keep your monthly payment cost low and will help pay off your car faster.