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Should I Buy or Lease?

Finance Paperwork with Glasses

If you’re in the process of buying your next vehicle around Chicago, you might be debating leasing vs. buying. Whether you’re buying new cars or pre-owned work trucks, you might be asking, “Should I buy or lease a car?”

At Badger Truck & Auto Group, we know that finding your next vehicle can be a time-consuming process, and determining your best choice is essential. In the following guide, our staff will compare the two and spotlight which is better for your needs and budget. 

Leasing vs. Buying a Vehicle

So, should you buy or lease a car? When you lease a car near Madison, it’s similar to renting a vehicle for a long-term contract period. During this time, you will be locked into a monthly payment schedule and won’t be able to build equity. 

You will be paying for the ability to use these vehicles for a specific set of months and mileage, as agreed upon between you and the dealership. When your lease ends, you’ll be able to trade your vehicle in and replace the leased model with a new one, buy the vehicle outright, or just end your lease. 

Pros and Cons of Leasing a Car

Pros:

  • Lower Monthly Payments: There will be smaller down payments when you decide to lease your vehicle.
  • Worry-Free Maintenance: Many models come with a three-year lease. As a result, most repairs are covered within the terms of an existing lease. 
  • No Resale Worries: When you’re leasing, you can just return the car. If you do exceed the agreed-upon mileage, or there’s wear and tear, you might have some fees to pay.
  • Get a New Car Every Few Years: Returning your car allows you to drive the latest vehicles and newest tech every so often. 

Cons: 

  • Mileage Requirements: Exceeding any agreed-upon mileage will result in you paying for some fees.
  • Consistent Monthly Payments: You must keep up with regular monthly payments to keep ownership of your vehicle during your lease. 

Pros and Cons of Buying a Car

Pros:

  • Ownership: Buying a car outright and finishing your monthly payments allows you to have full ownership. For those who want to sell it off or trade it in, you can do either.
  • Full Vehicle Customization: While leases have rules about what can be done with your Waukesha area ride, owning the car allows you to do whatever you want with your model.
  • No Restrictions: You won’t have to worry about wear and tear, mileage rules, and other issues. Repairs and other services are at your discretion. 

Cons:

  • Higher Monthly Payments: Leasing means lower monthly payments for the vehicle you want to buy.
  • Rapid Depreciation: New vehicles will lose between 15% and 50% of their total value in the first few years. 
  • Larger Down Payment: To get approved for a loan, you’ll have to make a larger down payment, which doesn’t occur with leasing.

Buy or Lease Your Next Car with Badger Truck & Auto Group

Should you buy or lease a car? Well, that depends on your current budget and needs around Chicago. Now that we’ve compared leasing vs. buying, explore all your available options at some of our multiple Wisconsin locations

Don’t forget to also check out our new and pre-owned vehicle specials to see how much you might save. If you’re looking for the best selection of trucks near Madison, turn to Badger Truck & Auto Group!

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