Should I Buy or Lease a Car?

If it’s been a while since you last shopped for a new car in Orland Park, you may need a refresher on the differences between buying vs. leasing. At Bettenhausen Automotive, we assist customers like you every day in understanding the unique benefits of each approach. Take a moment to learn more about buying vs. leasing below. Once you have a clear understanding, feel free to browse our new inventory, apply for financing, and get in touch with us to schedule a test drive in Orland Park!

Advantages of Leasing vs. Buying

Leasing allows Tinley Park drivers to essentially rent a vehicle for a specific period, usually a few years. While you won’t build equity or have the option to sell the car, leasing offers some distinct advantages. You only have to cover the estimated depreciation that occurs during the lease term, resulting in lower monthly payments and a smaller down payment. Additionally, leasing typically entails paying less sales tax. You also have far more flexibility overall. When your lease ends, you can choose to renew it, switch to a different vehicle, terminate the lease, or even finance the remaining value and purchase the vehicle outright. This vast array of options is attractive to many potential buyers. 

Benefits of Buying vs. Leasing

When it comes to deciding between leasing vs. buying a car, financing is extremely popular. Financing involves taking out a loan for the full value of the vehicle with the intention of owning it. Since the vehicle’s value exceeds the depreciation over a lease term, you can expect a larger down payment, higher sales tax, and bigger monthly payments. However, owning the car offers advantages as well. You have the freedom to sell the vehicle at any time, potentially recouping a significant portion of the principal you’ve invested in the loan. Financing is often considered the most cost-effective option in the long run, despite the higher upfront and ongoing costs.

Explore Leasing vs. Buying With the Bettenhausen Automotive Finance Team

Now that you have a better understanding of the differences between leasing vs. buying, if you still find yourself unsure of which path to choose, feel free to call Bettenhausen Automotive at 708-840-8678. Our knowledgeable team of finance experts is more than happy to guide you through your options and help you determine the best solution for your budget. Meanwhile, take a moment to explore our new vehicle specials and gain a feel for what our different leasing and financing promotions look like!