Buying vs Leasing a Vehicle: Which Option is Right for You?

You've done the research. You've sifted through trim levels and feature packages, asked your questions, gotten your answers, and have finally narrowed it all down to that one special vehicle that delivers everything you want.

So how do you plan to pay for it? It might sound like a simple question, but it can be one of the most consequential decisions Myrtle Beach SC drivers make when they purchase a vehicle. Should you buy it outright with a loan? Should I invest in a lease? The sales team at Bell & Bell GMC, located in Little River, SC, can help you understand the key differences between each option and aid in choosing the right option for you!

Buying a Vehicle with a Loan

When you buy a vehicle with a loan, "buying" is exactly what you're doing. You're taking a loan out from a lender, and then you'll own the car.  Once the loan's paid off? You won't have any more payments. Because you own the vehicle, you'll also enjoy the benefit of having total freedom to do what you want with it. You can keep it for as long as you want with no mileage restrictions, modify it, resell it, or just let it sit in your driveway as an elaborate decoration. Drivers interested in sticking with a vehicle for the long haul are often well-suited for financing with a loan.

Leasing a New Vehicle

Leasing can also be a great option for the right driver. When you lease, you are essentially renting the vehicle for a set term. This is usually between two and four years. When the lease ends, you can either buy the vehicle or return it to the dealership.

Easily the biggest perk of leasing is that it usually comes with lower monthly payments and less due at signing compared to financing the same car. Leased vehicles often also come with extensive warranty protections. It can also be a great choice if you don't want a long-term commitment or prefer to always be driving a newer model.

Leased vehicles do generally come with more restrictions, however, than vehicles you're purchasing in full. Lease contracts typically come with annual mileage limits that can lead to extra fees if you violate them. You'll also be restricted from modifying your leased model and expected to keep it in good shape. Leasing is also usually restricted to brand-new models. If you intend to shop used, you'll need a loan.

Is a Loan or a Lease my Better Option?

So, which of these two options is right for you? That really depends on your lifestyle, your driving habits, and your budget. If you drive a lot of miles each year or want to own the vehicle long-term, buying is more likely to be the better choice. If you drive more predictable miles, however, and prioritize a lower monthly payment, then a lease could be a better fit for you.

If you're having trouble deciding, our finance center has useful tools like an online payment calculator to help compare costs. We also offer a slew of rotating finance and leasing specials, designed to deliver a lower monthly payment on some of our dealership's most popular new model favorites.

Get Pre-Approved for a Loan or lease at Bell & Bell GMC Today

Are you interested in learning more about our current new and used model lineup? Our maybe you have something in mind and want to learn more about our current loan and leasing offers. Our onsite finance team is here to answer any questions you have and help you find the ideal vehicle for your needs and budget. You can fill out our online finance application today to get started.