BUYING VS. LEASING (A BRIEF OVERVIEW)

F58527410 financeIn making the decision on whether to buy or lease your new car, it is helpful to understand the primary differences between the two options.  The following is a brief overview for you consideration.

When you buy a car, you pay for the whole vehicle.  You will usually make a down payment, pay the sales tax in cash or roll them into your auto loan and pay an interest rate on the balance of the loan.  Generally, your first payment is due a month after you sign your contract.  This option may fit those who plan to keep their car for a long period of time and have a need to put unlimited miles on the vehicle.

When you lease, you are paying for only what you use of the vehicle.  You may not have to put any money down and sales tax will be included as part of your monthly lease payment.  Your lease payment is determined in part on a money factor that is similar to the interest rate on a loan.  You make your first lease payment at the time you sign your contract.

We hope this information is helpful to determine which option best fits your situation.  For further information about financing or leasing your next vehicle please don’t hesitate to reach out to us!

 

 

 

*Please feel free to contact us with any further questions on our trade-in process and we will be happy to work with you.  Email: Sales@ScharfAutos.com or contact us at (847)-309-3006