What's The Difference Between Buying and Leasing?
When you're shopping around for a new vehicle, there are many things you'll have to consider that go way beyond body style and interior gadgets. Another decision that must be made, is whether you would like to buy or lease your new vehicle. While the vast range of financing opportunities can seem overwhelming, Imperial is here to help you by presenting you with everything you need to know to make an informed decision that best fits your driving and financial needs.
Buying Vs Leasing
Ownership
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Buying When you finance a new vehicle, you purchase it from the dealership. The vehicle is yours! Leasing When you Lease your new vehicle, it still belongs to automakers financial institution. When your lease term is up, you give it back! |
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Payments
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Buying Buying a new vehicle typically requires securing an auto loan from a financial institution. You then make monthly payments over a set term until the loan is payed off. In most cases, you will pay interest on this loan, and other lending fees may apply. Leasing When you lease a vehicle, you make payments on the time you use the it. This means you wont build equity in your investment, but the monthly payments tend to be lower. |
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Maintenance
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Buying When you own the vehicle, you choose where, when and how you maintain it. Leasing When you lease, all regular maintenance such as oil changes are required per your lease agreement, however maintenance costs are minimal. |
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Mileage
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Buying There are no mileage limitations on the vehicle you own. Leasing There are many different mileage options to fit almost any lifestyle. Because the mileage limits determine your monthly payment, it's important to know how many miles you drive a year on average. If you go over the mileage limits, there is usually a fee for each additional mile. |
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Wear & Tear
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Buying As the vehicle Owner, you get to decide how you manage the wear and tear of your vehicle. Leasing Normal wear and tear is expected when you lease a vehicle and is covered in your lease agreement. There are fees associated with any damage not considered "normal wear and tear". |
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Still Have Questions about Buying & Leasing?
Ask one of our Finance experts a question by using the form below. You can give us a call as well at (800) 526-2886, or simply stop in to Imperial Cars and ask the question in person!
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Contact
Imperial Cars
8-18 Uxbridge Rd. (Rte. 16)
Mendon, MA 01756
- Sales: (800) 526-2886
- Service: (508) 422-3700
- Parts: (508) 422-3700
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- Saturday 9:00AM - 6:00PM
- Sunday 12:00PM - 6:00PM
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