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Credit Union West
Routing Number: 322172153
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Should I Buy or Lease the Car?

Pros and cons to help figure out which is right for you.

Pros and Cons to Buying vs Leasing

 

 

 

Some of us enjoy the car-buying experience more than the rest of us. For some, it’s fun and exciting, but for others, it’s a daunting and stressful process.

Once you’re ready to jump into the fun-stressful-exciting-daunting process, you’ll need to determine if you’re going to buy or lease a vehicle. While many of us have bought cars in the past, not as many of us have leased cars. In some instances, leasing can be great! You may be able to get a more expensive vehicle than you could otherwise afford if you purchased, however you’ll get thrown into the cycle of never-ending lease payments.

Here are some pros and cons of each to help you can decide if you should buy or lease your next vehicle.

 

 

Buying


Pros

  • You're not limited on the amount of miles you can drive
  • Payments stop once the loan is paid off
  • You can keep the car for as long as you want, or as long as it's running


Cons

  • You are required to pay the full price of the vehicle over the length of the loan
  • You will generally need a sizeable down payment
  • You'll most likely be stuck with the same vehicle for a longer period of time (which, depending on how much you like the vehicle, could also be a good thing!)

 
 

Leasing 

 

Pros

  • You might be able to lease a more expensive car than you could afford outright
  • You may not need a large down payment
  • Potential option to purchase the car at the end of the lease


Cons

  • Cycle of never-ending lease payments
  • Limits mileage that you can put on the vehicle
  • Could be costly if you do not adequately maintain the car, or break the terms of the lease

 

 

 

 

If buying is right for you, we can help!

 

We’ve got great rates on new and used auto loans, and can often get you pre-approved within 24 hours. This way, you can head into the dealership knowing exactly what you can afford.

Apply Now

 

 

Choose the Option That's Right for You
 

 

 

 

 

 

 

 

 

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