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What is the Difference Between Buying or Leasing a Vehicle?

The Differences Between Buying and Leasing a Vehicle

The time has finally come; you’re ready to find the ideal vehicle for you. However, there are several options to think about. Should you lease a vehicle, or buy one outright? At Matador Motors in the Wolfforth area, we investigated each option to answer the ever-important question: What’s the difference between buying or leasing a vehicle?

Monthly Payment Differences

When it comes to monthly payments, there is usually a large difference between buying and leasing a vehicle. If you don’t purchase a vehicle in cash, monthly payments for a car loan are usually much higher than the leasing option. Leases tend to be lower simply because you are just paying for depreciation. Leasing is a great option if you’re looking for an affordable monthly option. However, purchasing a pre-owned vehicle, like the ones at Matador Motors, can also save you additional money compared to buying a new model.

Vehicle Restrictions with Bought and Leased Vehicles

Between overall vehicle restrictions leasing a vehicle has much more attached than buying one. Leases tend to have mileage limits as well as restrictions on vehicle modifications. Plus, added fees and repairs to any minor damage to a vehicle can cost you a fortune in lease fees. Meanwhile, buying allows you to both modify and drive your vehicle as much as you’d like. If you plan on driving well past 10,000 miles per year, purchasing a vehicle is a better option.

A man sitting in a vehicle looking at paperwork with a car salesman.

Return or Future Value of Each Vehicle

It’s pretty cut-and-dry when it comes to future value. Buying a vehicle allows you to sell it later. Many opt to purchase a vehicle to have resale or trade-in value when buying the next model, which can save money. Meanwhile, lease owners will not recoup any value upon return since they don’t own the vehicle. However, because leases are temporary (unless you buy the vehicle at the end of the term), you can always ride in the latest new model.

Buy the Right Pre-Owned Vehicle for You at Matador Motors

In any scenario, it’s best to evaluate what you really want in a vehicle. Sometimes, the best route is to buy a pre-owned vehicle. You can have the affordability of a lease mixed with the freedom from ownership. Either option is available at Matador Motors, so stop in to our location in Wolfforth, TX to check out our inventory today!

Check Out: Your Local Dealership in Wolfforth, TX