Buying vs. Leasing a Car: Which Should You Choose?

When the time comes to upgrade your commute in Tampa, FL, one of the key considerations in your decision will be whether to lease or buy your car outright. The choice between leasing vs. buying a car often depends on whether you’re more interested in long-term ownership or acquiring a vehicle you can use for a few years. If you want to keep the car long-term, say five years or more, buying will make more financial sense. However, leasing will be the more beneficial option if you want to drive a new car every two or three years.

Wish to learn more about whether to lease or buy a car? Our finance team is here to walk you through the process. Please read below to learn more about the difference between leasing vs. buying a car in Tampa, then take a test drive at Brandon Hyundai, Tampa, FL.

Benefits of Leasing a New Car in Tampa, FL

If you’re someone who likes to upgrade their car often, leasing is a great choice. With a lease, the acquisition cost will be much lower than buying because you’re only paying a percentage of the total price for the time that you use the vehicle. In addition, leasing a car significantly lowers sales tax, as you only have to pay tax on the amount you put forth in the lease.

Leasing also allows you to drive the newest car models with the most up-to-date features. Leasing a new vehicle also enables you to avoid the initial depreciation that occurs with buying, as you’re only renting out the car. New cars usually depreciate by as much as 40 percent when driven off the lot.

Additionally, leasing gives you a plethora of options, in that you can choose to renew your lease on the leased vehicle, lease a new vehicle, buy your leased car, or return the car at the end of a predetermined lease term and walk away.

On the downside, you’ll be required to pay a fee if you drive over the agreed mileage limit or if the car suffers any excess wear and tear. Leasing a vehicle also means you won’t own it at the end of the lease term but will instead return it to the leasing company.

Benefits of Buying a New Car

When it comes to buying a car, one of the major benefits of doing so is that the car is yours and yours only, provided you maintain the monthly payments and fulfill other obligations. Buying also means you can modify your car however you like because you don’t have to worry about returning the vehicle to the dealership after a specified period.

When you buy a car, you can drive without the mileage limits you get on leased cars. Not being locked into a lease agreement also means you can sell the car whenever you choose.

That being said, there are some disadvantages to buying a car. For one, the monthly payments for a car loan are usually more than lease payments. In addition to the higher monthly payments, buying a car also means you’ll incur a higher ownership cost long term since you’ll need to pay out of pocket to keep the vehicle in good condition once your warranty expires. With a lease, your car will be under warranty protection throughout the lease term. So you can expect that the manufacturer will cover routine repairs and fixes if you’re leasing for three years or less.

When Should I Lease or Finance a New Car?

Leasing is ideal if you drive short distances or have no problems staying within a set mileage limit. This is also true if you upgrade your commute often or like to experience the latest automotive technology.

However, you should consider buying if you expect to keep the car for five years or more. Buying a car is also ideal if you plan to sell or trade-in the vehicle at any time.

Check Out the Car Buying & Leasing Options at Brandon Hyundai

Are you looking to buy or lease your next car in Tampa, FL? Brandon Hyundai has a variety of options with low monthly costs. Call or visit us at Brandon Hyundai, Tampa, FL, to learn how we can assist you!