Should I Buy or Lease?

If it’s time to drive a new vehicle around Sherwood and the neighboring communities, you have several decisions to make. In addition to choosing your ideal vehicle brand, model, and trim level, you need to decide whether to buy or lease. Our leasing vs. buying guide is here to help! Review the advantages and disadvantages of buying vs. leasing before contacting our N Little Rock dealership for a test drive. We are here to pair you with the right vehicle and create the financing or leasing package that suits your needs!

Leasing vs. Buying a Vehicle

So, should you buy or lease a car? Leasing a car near Bryant is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific amount of time. You won’t build equity as you would from outright buying the vehicle. You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the vehicle, or end your lease.

Compare Leasing and Buying a Car: Pros

Pros of Leasing:

• Lower Monthly Payments: You’ll have smaller payments in general when you decide to lease a car near Cabot.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Pros of Buying:

• Ownership: Once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you can do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Buick, GMC vehicle in N Little Rock. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Compare Leasing and Buying a Car: Cons

Possible Cons of Leasing:

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car, and that’s going to be a constant during the time of the lease.

• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Possible Cons of Buying:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring.

Buy or Lease Your Next Buick, GMC With Gwatney Buick GMC

Should you buy or lease a car? Now that you have a better idea of what’s right for you, call (501) 508-6878 or contact us online to browse our inventory and take a test drive! If you have a vehicle to trade in, use our valuation calculator for an accurate estimate. We also invite you to check out our new manager’s specials.