Lease vs. Buy

When it comes to purchasing a vehicle, there's a lot to consider. One of the most common dilemmas is whether you should buy or lease. It's not always an easy choice as each option has different advantages/disadvantages depending on your lifestyle and financial situation.
 
To help you out, we put together some information that should help you decide the best route for you.  

Step 1: Find a vehicle that fits your needs.  With over 8,000 vehicles in stock at West Herr, we can find the perfect one for you.

Step 2: Consider how long you'd like to keep this vehicle, and decide how you'd like to pay for it.  At West Herr, we will show you lease vs. buy scenarios on any new vehicle in stock.  We even have some 'lease' options on pre-owned vehicles, you might hear us call those 'balloons' but they operate very similar to a lease.  

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Below are a few factors to consider when weighing lease vs buy:
 
More likely to finance if...  

If you will want to keep this car for 4+ years - Financing a vehicle makes a lot of sense when you think you're likely to want to keep the vehicle for awhile.  The longer you think you'll want to keep it, the more it makes sense to finance.

If you drive a lot - having the freedom to drive as much as you want can be a nice perk, especially for someone who drives 20,000 mi/year or more.  Some people feel leasing is restrictive and get worried about 'going over the miles'.  With a financed vehicle, you do not have to worry about that.
                
If you like to personalize your car - After market remote starts, Wheels, Sunroofs, Stereo's, etc - You can modify your car any way you like! This investment can be lost, or even cost you, on a leased car.
 
If you like the freedom to switch cars whenever you want - When you buy your car, you can sell or trade it in at any time.  Just watch out for that initial depreciation expense (first 1-2 years of ownership).
 
If you like driving without a payment - If you don't want to worry about monthly payments, and have the discipline to pay off the vehicle, and like the feeling of accomplishment that paying off a big item brings.  Financing a vehicle, allows you to build equity in an asset, and when you pay it off it's yours!
 
If you like the idea of ownership - Sounds obvious, but some people just prefer to actually own the vehicle and have a title for it. 

More likely to lease if... 
 
If you don't drive as much - When you lease a vehicle, it comes with a certain amount of miles included in the price.  Leases can from 7,500 to 18,000 miles per year and 'extra' miles over the pre-determined amount can range from .10-.25 per mile over.  If you drive a lot for work, or fun, this is probably not the best option for you.
 
If you like that new car smell, or think you might need something different in a few years - Most leases run anywhere from 24-48 months, which means you only have to wait a few years for a new ride.  If you are expecting a child, or have kids growing up, or parents with mobility challenges, you may need a different type of vehicle in a few years.  Often going from a minivan, to a large SUV, or even downsizing to a smaller vehicle.  Leasing gives you some nice short term options.
 
If you don't want to worry about maintenance - Leases usually just require the occasional oil change, or tire rotation. Plus since you typically lease for 2 to 3 years, the car is normally fully covered under warranty.  
 
If your monthly budget is tight - Often, leases have a lower monthly payment than finance options.  You only pay for the portion of the car you drive. So that can often mean a lower monthly payment/down payment.
 
If you'd like a more expensive vehicle - leasing lets many people enjoy driving a nicer vehicle than they might otherwise be able to afford.

Here's a nice visual summary: 

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There you have it… our list of why you might be more likely to lease vs. buy.
 
Happy car shopping, find your perfect car today!
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