To Lease or Buy a Vehicle?

lease or buy garber

When it’s time to get a new car, your first decision is whether you want to buy or lease. Both options have their merits, and the decision comes down to how long you want to stay in the same car and how much driving you expect to do. Your cash flow and credit score could impact the decision, but even with poor credit, you have options to make sure you get the vehicle you want. Let’s start with some questions to get you thinking about your vehicle needs and expectations:


˅ Do you want a low monthly payment?

Choose a lease. Since you’re only paying for part of the vehicle value (the amount the car depreciates for the duration that you have it), you typically can get lower monthly payments than buying a car. Dealerships have plenty of lease specials so you could get a stellar deal on a new car.

˅ Do you like the idea of eventually having no car payment?

Buy your car. While your payments are higher for a few years than they would be with a lease, when you’re done paying on the car and all you’ll have to spend on is regular maintenance. Having a light at the end of the tunnel can be very motivating.

˅ Do you tend to drive fewer than 12 thousand miles each year?

Get a lease. If you’re the type of driver who sticks around town and doesn’t often take long road trips, you would be a good fit for a lease. You’d have low monthly payments, repairs would be covered under warranty, and you’d get to choose a new vehicle every 2-3 years.

˅ Do you tend to drive more than 15 thousand miles each year?

Purchase your vehicle. Leases have a mileage limit, and then you pay per mile after that, so if you have a cross-country road trip planned or a long commute, it would be money-wise to purchase your vehicle.

˅ Do you like to have the latest safety and tech features?

Lease a car. With technology advancing daily, manufacturers are adding the latest safety features and tech gadgets to their newest cars at every opportunity. Take advantage of the low payments for hi-tech features and peace of mind on the road. Plus you can upgrade to the next cutting-edge vehicle in just a few years.

˅ Do you like the security of driving a car under full warranty?

Choose a lease. When a car is under warranty, the manufacturer will take care of most maintenance and repair for you at no cost. For most leases, you’ll be covered under the factory bumper-to-bumper warranty – just bring it to the dealership for maintenance.

˅ Do you like to do your own repair work on your vehicle?

Buy your vehicle. If you enjoy modifying what’s under the hood to fit your driving style then purchasing your car means you won’t need to remove additions or lose out on any upgrades when you turn in a lease. Hold onto your handiwork with a bought vehicle.

˅ Do you like to change vehicles every 2-3 years?

Get a lease. Whether it’s because you want to try out a car for a few years before you take the plunge on a purchase or because you like to have one of the newest vehicles around, leasing is a better option for you. You’ll have lower payments, the latest features, a bumper-to-bumper warranty, and you’re less likely to roll over any negative equity.

˅ Do you like to keep your vehicles for 5 years or more?

Purchase your car. Sticking with the same car for many years means you’ll eventually have no monthly payments, you can drive it as much as you like annually, and you can modify it to better suit your style.

˅ Are you concerned about your credit holding you back from getting a vehicle?

If this is the only thing holding you back from either leasing or buying a car, talk to one of our Financial Team members. They will help you assess your credit situation to get you into the option that best fits your driving style and needs. Contact us or apply for financing now.

˅ Do you like to customize your car, like adding tint to windows, custom wheels, or a sound system?

Buy your car. If you put in extra time and money customizing your car, you’re going to want your investment to last. Turning in a leased vehicle with modifications means you’ll either lose out on those investments or have to remove them to put on your next car.

˅ Do you need that new car smell?

Get a lease. Every time your lease expires you get to upgrade to a brand new vehicle, satisfying your craving for luxury. See how you can save money on a lease today.

˅ Do you get emotionally attached to your vehicle?

Buy your car. Stay with a car that makes you excited to drive. You’ll eventually have no monthly payments, you can drive it as much as you like annually, and you can modify it to match your personality.


There are positives to either option, but you have to be careful to make the right choice for your current budget and driving needs in the long run. Be realistic about the amount of driving you do and how long you’d like to have the vehicle. Evaluate your liquid cash and take into consideration your credit score to figure out how much you can afford. The sample questions above are meant to help you make this big decision on your own but if you’d like to talk more in-depth with someone about your options, feel free to contact our Financial Team today.

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Garber Automotive Group

Garber Automotive Group

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