Should I Buy or Lease?

2021 Genesis G80 Sedan

 

If you’re shopping for your next car near Henderson, you’ll need to decide whether you prefer to lease or finance. Both strategies have their advantages, but they benefit different types of drivers. Choosing between a lease vs. buying your next car isn’t easy, but Genesis of Las Vegas is here to help. Compare the benefits of each financial path. Then, apply for pre-approval and contact us to discuss your options.

 

Choosing a Lease vs. Buying 

Should you buy or lease? Leasing tends to benefit North Las Vegas drivers who enjoy flexibility or aren’t yet ready to commit to a long-term loan. It’s also more affordable on a monthly basis. Financing is for people who don’t mind paying more in the immediate for a bigger future payoff. Compare the advantages of each strategy below: 

  • Leasing: When you lease, you get access to a vehicle for several years. You’re only expected to pay for the estimated depreciation that occurs over the course of your lease term. Consequently, you won’t have to raise a large down payment, pay as much sales tax, and your monthly payments will be less each month. Your vehicle will also be covered under warranty, meaning you’re highly unlikely to have to pay for repairs. Finally, because your lease ends every few years, you’ll have the option to walk away from your mode, renew your lease, swap it out for a different vehicle, or finance the remaining value with the intention of ownership. 
  • Buying: When you buy, you take out a loan on the full value with the intention of paying it off and owning your vehicle. This requires a larger down payment, more sales tax, and higher monthly payments. However, you get to build equity, and when it comes time to sell your vehicle near Paradise, you’ll see a percentage of the principal you’ve paid on your loan returned to your bank account. This option is the most cost-effective, but it requires more work and commitment. 

Need Help Deciding Whether You Should Buy or Lease?

If you’re still unsure about whether to choose a lease vs. buying your vehicle, reach out to the financiers at Genesis of Las Vegas. They can take a close look at your budget and your preferences and help you navigate your options. Reach them by calling 725-201-9561. You can use our online shopper tool from the safety and comfort of your home. In the meantime, take a moment to explore our car buying tips for other helpful reads, and don’t forget to explore our new vehicle specials to see how much you can save!

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