Should I Buy or Lease?

Woman shaking mans hand over a car contract clipboard with car keys

Leasing and buying are just two types of auto financing, but the implications of a car lease vs. buying a vehicle can be vastly different. Namely, the amount you’re likely to pay monthly can vary greatly, as can excess wear and tear fees. Plus, leasing lets you use a car for a predetermined period of time before it must be returned. When you finance a vehicle purchase, you own the car after payments stop. Ready to learn more about buying vs. leasing? Wondering, “Should I buy or lease?” Read on or call 701-833-5995 to reach the Ideal Auto finance center!

Comparing Costs: Leasing vs. Buying

  • Leasing offers lower monthly payments than purchase financing (“buying”). You likely won’t have to worry about expensive out-of-pocket repair costs, since everything should be covered under warranty. That said, you’ll have to keep leasing a new vehicle, and that continuous cost can add up over time.
  • Financing gives you a chance to eliminate your monthly payment entirely over time, which makes it more affordable in the long run so long as you’re not upgrading vehicles too frequently.

The Bottom Line: Many drivers keep their vehicles for an average of three years, and just about everyone we talk to wants to enjoy the latest features. If you share these goals, you’ll most likely find leasing to be the preferable option. If you want to save the most over the long run and don’t mind keeping a vehicle for 5 or even 10 years, then buying might be better for you.

Leasing vs. Buying: Mileage & Restrictions

  • Those who finance a purchased car don’t have to worry about these types of restrictions.
  • Those who lease their vehicles will have to stay within certain annual mileage guidelines.

The Bottom Line: Those who commute a short distance will often find that most leases will meet their needs, but heavy-mileage drivers should seriously consider buying.

Leasing vs. Buying: Total Ownership and Customization

  • When you buy a vehicle (or finance its full cost), you can add whatever accessories you want and even make major customizations like pinstriping, adding on new rims, adding a lift kit, and more.
  • When you lease, you’ll need to keep the vehicle as close to factory condition as you can. The dealership owns the vehicle you lease, so it’s not yours to customize.

The Bottom Line: Looking to customize your ride? Buying it is your best option. Looking to own your ride? While lease buyouts are possible, buying is also better. Looking for a vehicle that’s well-appointed without regard for whether you can customize it? Leasing may be the way to go.

Leasing vs. Buying: Freedom, Options, & Processes

  • Financing offers flexibility. You’re locked into a contract, but you can sell or trade in the vehicle at any time. Refinancing is also always a possibility.
  • Leasing is easy and convenient. All you need to do is make the monthly payments, and then, when it’s time to return your lease, bring it to the dealership in similar condition to what it was like when given to you, and you’ll be able to upgrade to a new lease.

The Bottom Line: The simplicity of leasing is a major draw for drivers in Bismarck and Williston. However, there’s a different kind of freedom to financing, and we make trading in a vehicle as easy as we can here at Ideal Auto.

Explore Leasing and Financing Options at Ideal Auto

Ready to check out our used car leasing and purchasing options? We’ve got you covered! Give us a call at 701-833-5995 with questions as you browse our current selection of vehicles.

Ideal Auto 48.20342, -101.3122393.