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Auto Lease vs Buying a Car Rochester, NY

BUYING

Who Owns It
Whether you pay for the car with cash, or finance it and make monthly payments, either way it’s yours. Of course, if you’re financing it, you’ll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don’t, they have the right to repossess it.Up-front Costs
If you’re financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender’s requirements and your credit score.

Future Value
The future value of your vehicle will depend both on future market conditions and on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)

End of Payments
Once you’ve paid off what you owe on your contract, that’s it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.

LEASING

Who Owns It
You do not own the car when you lease. You only pay for the portion of the car you use.  This often makes a lease payment much lower than a purchase payment for the same vehicle with the same money down!

Up-front Costs
Leases often do not require any type of a down payment. All you usually have to pay is the first month’s payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, you can choose to put more down for a lower payment or sometimes roll those taxes and fees into the payment with very little out of pocket expense.  

Future Value
The leasing company assumes the risks for future market conditions.  Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.  An Executive lease can protect you against some of those wear and tear assessments. 

End of Payments
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we’ll make sure you have your lease set up the way you want it.

Best Cars to Lease
The best cars to lease are those with the best resale value after the term of the lease. Since they depreciate less, you pay less.154287|4218
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