A common question we hear at Basil Ford of Niagara Falls is, "Should I buy or lease a car?" There is not really a one-size-fits-all answer to this question, as it depends on your unique driving needs and budget. That is why our team has created this guide comparing leasing vs. buying. See which option is the right fit for you below and find your dream car today. 

Leasing FAQs Contact Us

Why Lease? 

When you lease a vehicle in North Tonawanda, you are essentially renting the car for a couple of years. Keep in mind that you cannot build equity or sell the vehicle. However, you are only paying for the depreciation that occurs over the duration of the lease term. This leads to lower monthly payments and a lower down payment. You can also enjoy lower sales tax. Why else should you lease? It's a flexible option for Grand Island drivers. When the terms of the lease are complete, you can renew it, swap out the vehicle, end the lease, or finance the remaining value of your lease. 

Why Finance? 

When you choose to finance, you are taking out a loan on the full value of the vehicle so that you can own it in the future. This is why your monthly payments will be higher. However, you get to build equity and there are no mileage limits. You will also not be charged for excess wear and tear on the vehicle, and you are free to customize it any way you like. Financing is almost always the most cost-effective strategy, but it requires bigger costs upfront and on a monthly basis as well as a greater commitment. 

Discuss Leasing vs. Buying at Basil Ford of Niagara Falls

Should I buy or lease a car? We can answer any questions you may have about your options. Reach out to us today or get pre-approved from your Lockport home. Contact us for more information. We can also help you if you are interested in trading in your current vehicle. Get an estimate of what it's worth, and then you can put that amount toward your next vehicle from us.Â