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If it’s been a while since you’ve shopped for a car around greater Akron, it’s perfectly understandable if you can’t remember the differences between leasing vs. buying. At Jaguar Akron, we break down the different benefits of each strategy to customers like yourself every day. Take a moment to review their differences below. Then, explore our new inventory, apply for financing, and contact us to schedule a test drive in Akron!
So, what is leasing? When Cleveland drivers choose to lease, they essentially rent their car for several years. While they don’t get to build equity or sell the vehicle, they only have to pay for the depreciation that occurs over the lease term, meaning that their monthly payments will be lower and their down payment smaller. They also won’t have to pay as much sales tax. Other benefits of leasing vs. buying include flexibility. When your lease is up, you can renew it, swap it out, end it, or finance the remaining value of your lease.
Should you buy or lease a car? To answer that question, let’s now turn our attention to financing. When you choose to finance, you take out a loan on the full value of the vehicle to own it. The full value of a vehicle will be more than the depreciation over a temporary lease period, so expect to make a larger down payment, pay more sales tax, and make bigger monthly payments. However, you’ll be able to sell the car at any time and recoup thousands of dollars you’ve invested into the principal of your loan. Financing is almost always the most cost-effective strategy, but it requires bigger costs upfront and monthly and a greater commitment.
Now that you’ve read about the differences between leasing and buying, if you’re still unsure of whether you should buy or lease, call Jaguar Akron at 234-206-2525. Our financiers are happy to walk our Pittsburgh neighbors through their options and help them identify the best option for their budget. In the meantime, take a moment to explore our new vehicle specials to see how much you can save!
