The main
distinction between buying and leasing a car is in regard to ownership. With
the purchase of a vehicle, you are claiming yourself as the sole owner. It is
yours to keep after the final payment is made. There are no limits as to what
you can do with the vehicle, such as miles driven per year, how long you keep
your vehicle, modifications or upgrades you can make,
etc.
Meanwhile, you only have temporary ownership when you
lease a vehicle. That is to say, it remains the property of the dealership
throughout the course of the agreed lease term. The specifics as to what you
can or cannot do with the model in your possession and what kinds of advantages
you will have access to vary for this reason. Depending on your lease terms,
there may be limits on how many miles you're able to drive per year and on any
modifications you're able to make on the car. However, leases usually offer
more affordable down payments and monthly payments, and the short-term on
leases allows for more flexibility to drive something new on a more regular
basis.
Chat with our Finance Team to see which option may be
a better fit for you.
