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Buying vs. Leasing a Car in Chesterfield, MI

Should you buy that new car or lease it? It isn’t a new question, but inventory shortages, production slowdowns, and dealer markups have made it harder for car buyers to choose. But in the end, it all comes down to what best suits your needs and budget. Leasing a car will allow you to get behind its wheel with a monthly payment typically lower than it would be if you financed it. However, when you lease a vehicle, you don’t own it. Moreover, as soon as the lease ends, you will not have any equity to use towards the down payment on your next car. On the contrary, if you buy a vehicle, you will not only own it, but you will also have equity to use on purchasing your next car. Curious to know more about the difference between buying and leasing a car in Chesterfield, MI? Please keep reading to learn more from our team at Victory Motors.

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Is it Better to Buy or Lease a Vehicle?

Leasing is similar to renting a car for an extended period in which you pay for the depreciation expected to occur during the lease term. Some of the advantages of leasing a vehicle include the following: 

  • You will have lower monthly payments 
  • Your car will always have warranty coverage 
  • Trading in a leased car is easier 
  • You can save money on sales tax 
  • You might have a lower down payment 

On the other hand, buying is the traditional way of getting behind the wheel of your favorite car. Additionally, financing a vehicle will give you its ownership once the loan is paid off. Some of the benefits of purchasing a vehicle include the following: 

  • You own the car 

  • There is no limit on miles; you can drive as much as you want to 
  • You can get cash to pay as a down payment for your next vehicle 
  • You won’t have to make payments after the loan is paid off 
  • Financing is more effortless than leasing 
  • You can sell your car on your own schedule 

Buy or Lease a Car in Chesterfield, MI 

Whether you want to buy a car or lease it, you can come to us at Victory Motors. Our dealership has an extensive inventory of pre-owned vehicles in various locations, including Chesterfield, Royal Oak, and Wyandotte. Additionally, you can contact us for further information by filling out the attached form. 

Interested in Buying or Leasing a Car?
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