Knowing when to buy or lease a car can be mind boggling for many car buyers but we are here to help you though the process if you need us to be. There are a ton of new and used cars for sale from dealerships in Philadelphia.
Now what the difference between leasing or buying a car? Well leasing a car is a lot like renting an apartment. The terms are usually 2-3 years and have mileage restrictions on them.
With lease payments only cover the depreciation of the vehicle.
With buying a car in Philadelphia it’s like buying a house. You get to keep the vehicle as long as you want and the payments go towards the total value of the car.
Now leasing pros and cons in Philadelphia PA
One pro is the low monthly payment on the vehicle and a trade in after the vehicle lease term. Some of the cons are you don’t own the vehicle. You have to pay for any extra mileage that’s not allotted for in the agreement.
This can string you that’s why you want at lease 12-15k miles a year when you are leasing a vehicle at the dealership.
Buying a car pros and cons in PhiladelphiaPA
You own the vehicle out right after the loan is paid. The insurance on the car is lease expensive. But the cons are higher monthly payment and you can exchange the car after you buy it that easily.
What’s right for you lease or buying in Philadelphia
You should lease if you need or want a low payment on the car or don’t drive more than 15K miles a year. And like to get new cars ever other year.
Now you should buy if you can handle a bigger payment and have a larger down payment
for the car. Or drive a ton of miles. If you are planning on having this vehicle for a long time, like drive it till it dies you should buy.
Now the last thing is auto financing car dealers have all kinds of auto financing options and if you need help we can help match you with the local car dealership you need in Philadelphia with your budget and price range. We help people daily get approved for car loans no matter credit or what they can put down.