Leasing vs Buying
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Ownership
Leasing
You do not own the vehicle. You get to use it but must return it at the end of the lease unless you choose to buy it.
Buying
You own the vehicle and get to keep it at the end of the financing term.
Up-Front Costs
Leasing
Up-front costs may include the first month’s payment, a refundable security deposit, a capitalized cost reduction, taxes, registration and other fees, and other charges.
Buying
Up-front costs include the cash price or a down payment, taxes, registration and other fees, and other charges.
Monthly Payments
Leasing
Monthly lease payments are usually lower than monthly loan payments because you are paying only for the vehicle’s depreciation, plus rent charges, taxes, and fees.
Buying
Monthly loan payments are usually higher than monthly lease payments because you are paying for the entire purchase price of the vehicle.
Early Termination
Leasing
You are responsible for any early termination charges if you end the lease early.
Buying
You are responsible for any pay-off amount if you end the loan early.
Vehicle Return
Leasing
You may return the vehicle at lease-end, pay any end-of-lease costs, and “walk away.”
Buying
You may have to sell or trade the vehicle when you decide you want a different vehicle.
Future Value
Leasing
The lessor has the risk of the future market value of the vehicle.
Buying
You have the risk of the vehicle’s market value when you trade or sell it.
Mileage
Leasing
Most leases limit the number of miles you may drive. You can negotiate a higher mileage limit and pay a higher monthly payment. You will likely have to pay charges for exceeding those limits if you return the vehicle.
Buying
You may drive as many miles as you want, but higher mileage will lower the vehicle’s trade-in or resale value.
Excessive Wear
Leasing
Most leases limit wear to the vehicle during the lease term. You will likely have to pay extra charges for exceeding those limits if you return the vehicle.
Buying
There are no limits or charges for excessive wear to the vehicle, but excessive wear will lower the vehicle’s trade-in or resale value.
End of Term
Leasing
At the end of the lease (typically 2-4 years), you may have a new payment either to finance the purchase of the existing vehicle or to lease another vehicle.
Buying
At the end of the loan term (typically 4-6 years), you have no further loan payments.
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651-705-0151
Call Now8100 Lakeland Avenue North • Brooklyn Park, MN 55445
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Open Today! Sales: 8:30am-6pm
Open Today! Service: 7am-3pm
Open Today! Parts: 7am-3pm
