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Looking for a new vehicle to upgrade the way you get around the Murray and Salt Lake City area? When you’re ready to make an investment as large as purchasing a new car, truck, or SUV, it’s valuable to know all the options available to you so you can make the best of the car-buying process.
One of the questions we answer frequently in the Mike Hale Acura finance center is, “Should I buy or lease a car?” Both options have benefits, so let’s explore them closely, then check out our new vehicle specials and Acura Lease Deals for chances to save on your dream car at Mike Hale Acura!
When it comes to leasing vs. buying, buying (financing) is the option that people are most familiar with. Financing a vehicle means getting a loan from a bank or a dealership to cover the cost of the vehicle, and the borrower repays the lender for the auto loan with interest. Once the auto loan is paid off, the buyer owns the car outright.
Your eligibility for an auto loan and the interest rate for the loan are determined by your credit history, the cost of the vehicle, and other factors. One way to help lower your interest rate is to make a sizeable down payment on the vehicle, which will decrease the amount you have to borrow to pay for the car.
One of the great things about financing a car is that you can sell it and recoup some of your investment or even pass it down to one of your children for their first car. However, when financing a vehicle, you can expect to pay a larger sales tax, down payment, and monthly payment than if you were to lease the same vehicle.
So, what is leasing? Leasing is when you “rent” a car for a few years. You don’t build equity with your monthly payments on a lease, but the car note and interest rate will likely be lower since you’re only paying for the depreciation of the vehicle during the lease period. One of the things many Murray driver love about leasing is the freedom it provides. Once the term on your lease is up, you can simply end the lease, swap the vehicle for a new lease, or finance the remaining value of the vehicle.
Many West Jordan and South Jordan drivers lease a new vehicle every few years until they find one they fall in love with. And our Acura Lease Deals make staying in a new, sporty, performance car more affordable!
If you still have questions about the pros and cons of leasing vs. buying, feel free to reach out to our helpful and knowledgeable finance center professionals for answers. If you’re sure you want to buy your next vehicle, you can apply for financing online and get approved in a matter of minutes. If you’re interested in our Acura leasing options, check out our lease and finance specials for opportunities to save.