Buying vs. Leasing: What is Best for You?

When it comes to searching for a new car today, drivers have seemingly endless decisions to make: new or used? Car, truck, or SUV? Which brand? And perhaps one of the hardest to determine; should I buy or lease? To help you weigh the pros and cons of buying versus leasing a new vehicle from South Hills Kia here in McMurray, PA, we've compiled some of the top reasons why one option may be a better choice for you.

How the Payments Differ

Drivers that are looking for a lower monthly payment will typically want to consider a lease because when you opt for this, you only need to pay for the depreciation value of the car for the time that you have it. Alternatively, if you do happen to have a sizeable down payment or a high-value trade-in, then the monthly cost of a loan could be less or comparable.

Usually the month to month payments for a car loan are more expensive because of what you're paying for. Unlike paying for what you "use" of the vehicle, when you purchase the car, your monthly payments are designed to cover the full price.

Lifespan of the Vehicle

If you plan on driving your vehicle for many years to come, then buying may be your best option because the terms of your car loan will ensure that at the end of the payments, you will fully own your vehicle. Whereas, at the end of a lease term you must either buy out the remaining value of the car or return it for no money back.

On the other hand, if you're a driver that likes to upgrade to the latest models regularly or don't know if you'll want to keep a car in the future, then leasing may be better for you. Bear in mind, however, that if you do a lot of driving outside of Canonsburg or Bethel Park, you need to consider the mileage allotment for your lease.

As you can see, there is a lot to consider when deciding if leasing or buying is the best option for you. If you have any questions, here at South Hills Kia, we are happy to walk through more pros and cons based on your driving needs and budget.

Categories: New Inventory