Leasing vs Buying Used
If you're wondering whether leasing vs. buying a used car is the best fit for you, you'll want to take a few different factors into consideration. The good news is, whether you're considering a new-to-you car for adventures skiing in the northeast, hiking in the Rockies, or California dreaming, there are plenty of affordable and reliable used cars on the market nationwide.
The question becomes, which payment method is going to complement your priorities today and later on down the road? At the fork in the road between leasing or buying your next used car, we're here to help you choose your path!
Leasing vs Buying Used: The Basics
When you lease a used car, you choose to rent it for an extended period of time, usually two to three years. During this time, you pay a monthly rate to drive the car, but you never fully pay off its full value. Once your lease is complete, you can choose what you'd like to do next: pursue a different lease or move forward with buying this or another vehicle.
Buying a used car means you're going all in. Many used car buyers put some money down up front, then take out a loan from a partnering bank. Loan periods for buying can run anywhere from four to six years of monthly payments, at the end of which time, you'll have full ownership of your used car!
Leasing Used: Try Before You Buy and the Latest Tech
Wondering if leasing a used car is the right move for you? Here are a few indicators that might help you decide:
- If right now, money's a little tight with having to put a down payment on a new house, getting to pay less month to month on a vehicle by leasing may be appealing.
- You've been driving a sedan for your college years, but you're looking for an SUV that may be able to better handle your active lifestyle. After a few years behind the wheel, you may be inclined to buy.
- Using the latest technology, including smartphone integration and advanced safety technology, is high on the top of your wish list.
- You'll only be using your next vehicle for commuting and the occasional errand, so you don't feel that mileage restrictions will be an issue.
Buying Used: More Mileage and a No-Payments Future
Maybe, more of a long-term solution will better match your needs at this time. If so, buying used is the way to go. Check in to see whether this might be what works for you:
- This is a car that you know will serve you for many years to come-it's outfitted to suit and adapt to your changing lifestyle over the upcoming years.
- You want the freedom to take road trips often or customize your car without having to account for overages or restrictions.
- You have the room financially to buy, and you understand that your monthly loan payments will be higher than if you lease, but it's an investment that will pay off for your current situation.
Lease or Buy Used, Val-U-Line® Can Help
As you can see, the answer to whether you should lease vs. buy used is not one-size-fits-all-it's unique to where you are in your life and what you're looking for. Whether you ultimately choose to lease or buy, finding a car with an affordable price is a great first step. For that, you can count on the expansive inventory at Val-U-Line® to have a couple of options that meet your needs.
With in-budget cars, all under $14,999, whether you choose to lease or buy, there's a car, truck, or SUV out there that suits what you're looking for to a T. Find your next car today!