Is It Better to Lease or Buy a New Buick?

buyleaseDeciding whether you want to lease or buy a new Buick is a choice that anyone looking at new vehicles has to consider. Buying a brand new Buick will certainly have its own perks, but leasing could be the best option if you are looking to enjoying that new car smell for years to come.

Affordability

Depending on your cash flow and credit, purchasing or leasing could be viable options. If you have a steady income and want to enjoy a new vehicle every few years, leasing will be a much more affordable option. With leasing a new Buick, you will have a less expensive monthly payment. Car dealerships typically do not need a down payment when you decide to go with a lease option instead of purchasing, which saves money up front as well. The monthly price of the vehicle will remain the same for the entire lease agreement.

If you decide that purchasing a new Buick is the way you want to go, you will usually need a down payment and a more expensive monthly payment. Even though you will be paying more up front, you will own the vehicle without any other payments due after the loan.

Maintenance

Leasing a new Buick will give you all the perks of having a vehicle that is under warranty for the entire lease. If anything goes mechanically wrong with the new car, in most cases you will save money by just taking the vehicle back to the dealer to receive the required maintenance with zero cost to you. After the warranty expires, the owner is responsible for all maintenance expenses on the new vehicle.

Distance You Drive

Mileage could be a concern if you typically drive long distances for your commute or if you have frequent road trips. The mileage for purchasing a new Buick would be unlimited, since the vehicle is yours to own after you complete the loan payments. With leasing you will have a limited set of mileage every year. You will typically be allotted 10,000 to 12,000 miles every year. If you go over the amount of miles agreed in the lease you will pay between $0.15 to $0.25 per mile for every mile driven over the agreed limit.

Stability

In the long run, purchasing or leasing a Buick is a decision that must be made based on how stable you are individually. If your situation changes and you can’t afford the lease, you will have to pay a penalty to break the lease agreement. Purchasing the vehicle can also become very expensive if you can no longer afford your monthly agreement, but payment plans are possible between the purchaser and the lender.

The decision between leasing or buying a new vehicle is a decision that depends on the buyer. When you are deciding to purchase a new Buick every few years or one for a lifetime, either choice is a good one depending on your personal needs.

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