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Buying Leasing
Ownership You own the vehicle and get to keep it as long as you want it. While you don't own the vehicle while you are leasing, leasing enables you to always have a new car in the driveway. Drivers benefit from having the latest safety technology.
The up-front costs include the cash price or a down payment, taxes, registration and other fees. Typically includes the first month's payment, a refundable security deposit, a down payment, taxes, registration and other fees.
Loan payments are usually higher than lease payments because you're paying off the entire purchase price of the vehicle, plus interest and other finance charges, taxes, and fees. Lease payments are almost always lower than loan payments. You can get more car for a lower payment!
Early Termination You can sell or trade in your vehicle at any time. If necessary, money from the sale can be used to pay off any loan balance. If you end the lease early, early-termination charges may be applied.
Vehicle Return You can sell or trade-in your car when you decide you want a different one. At the end of your lease you can return the vehicle, pay any end-of-lease costs, and walk away.
Future Value The vehicle will depreciate but its cash value is yours to use as you like. The future value of the vehicle doesn't affect you financially.
Mileage You're free to drive as many miles as you want. (But higher mileage lowers the vehicle's trade-in or resale value.) Most leases limit the number of miles you may drive, often 12,000 to 15,000 miles per year. You can always negotiate a higher mileage limit.
Maintenance You don't have to worry about wear and tear, but it could lower the vehicle's trade-in or resale value. People normally lease for a term that coincides with the manufacturer's warranty coverage so if something goes wrong, the repairs are covered.
End of Term At the end of the loan term (typically four to five years), you have no further payments and you have built equity to help pay for your next vehicle. At the end of the lease (typically two to four years), you can finance the purchase of the car or lease or buy another. Many automakers choose to offer subvention cash to customers that choose to purchase their leased vehicle.
Customizing You can modify or customize the vehicle as you like. Because the lessor wants the vehicle returned in sellable condition, any modifications or custom parts you add will need to be removed before you return the car.
Before the end of your loan term, if your vehicle trade-in value is determined to be higher than the payoff amount, you now have equity to put towards your new purchase. Access to updated model with newer technology and features. Seamless upgrade process. More flexibility, cashing in on miles you did not use.
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