Lease or Buy a New Car in Washington, MO | Pros vs. Cons
Whether you lease or buy a new car, the process is exciting — you get to slide behind the wheel of a new vehicle and experience the soft touch surfaces and plush seating for yourself. So, which is better — buying or leasing? Both options have their pros and cons. Our team at Modern Auto Company in Washington, MO, put together the following guide to help you decide which option is right for you. Keep reading to learn more. If you have any questions, feel free to give us a call at 636-266-4131, or send us a message online.
Don’t forget to peruse our vast inventory to find a new vehicle that fits your needs, then pair it with our available lease and finance offers to save extra.
Pros vs. Cons of Leasing a New Car from Modern Auto Company
Interested in leasing a new car? Our team compiled the pros and cons of leasing a new vehicle.
Pros of Leasing a New Car
Leasing a new car includes many benefits. Four benefits we’ll be highlighting are affordability, ease of trade-in, latest technology, and fewer repair costs.
Affordability
Leasing a car tends to be more affordable than buying a car because you have lower monthly payments, as well as a lower down payment. Payments are lower because you aren’t paying to own the car; you’re paying only for the car’s depreciation during the lease term, plus interest charges, taxes, and fees.
Ease of Trade-In
Once your lease is up, it’s easy to trade in your vehicle and upgrade to a new vehicle. The process of leasing a new car moves more swiftly once you get into the routine of leasing a new vehicle every few years. At the end of your lease, returning and replacing the vehicle moves more smoothly as well.
Latest Technology
It’s no secret that technology is rapidly evolving, which means that the technology in our cars can quickly become outdated. Leasing a new car every few years gives you the opportunity to explore new technologies, whether it’s a new infotainment system or added driver assistance features.This includes the latest electric vehicle engine technologies as well.
Fewer Repair Cost
When you lease a vehicle, the car is typically under a warranty, which means that the maintenance costs are covered. Most maintenance and repairs are covered under the warranty, meaning you won’t have to pay any out-of-pocket expenses unexpectedly.
Cons of Leasing a Car
Where there are pros, there are also cons. The cons of leasing a car that we will discuss are use restrictions, wear and tear costs, and vehicle ownership.
Use Restrictions
One key disadvantage is that you have more restrictions when leasing a car. The lease sets a maximum amount of miles you can drive each year. Most leases come with a 10,000 mile annual allotment. Every extra mile over will be charged. If you drive long distances or frequently shuttle friends and family, then you may be more susceptible to going over your mileage limit.
Wear & Tear Costs
As mentioned above, normal maintenance as well as wear and tear will be covered by your warranty. However, excessive wear will cost you extra. Your lease agreement will detail what is considered normal and excessive wear, but typically excessive wear can include long scratches, missing parts, damaged windshield, and more.
You Do Not Own the Vehicle
Ultimately, you do not own the vehicle. When the lease is up, you are required to return the car to the dealership. However, you do have the option to buy out the car and pay for the remaining costs.
Pros. vs. Cons of Buying a New Car from Modern Auto Company
Buying a new car is an exciting process. Of course, it also has its pros and cons. Our team weighed out the advantages and disadvantages below.
Pros of Buying a New Car
There are plenty of advantages to buying a new car. Pros that we will discuss include vehicle ownership, ability to sell, financing, and mileage.
You Own the Vehicle
The biggest advantage of owning a car is just that — you own it! You have no restrictions when it comes to what you do with it. You can drive wherever your heart desires, and you can also customize it to your liking. You may initially have larger monthly payments, depending on how big your down payment is. But once you’re done paying off the car, that’s it — you own the car and no longer have to factor a monthly payment into your budget.
Sell on Your Own Schedule
Want to upgrade your vehicle? No problem. You aren’t tied to the dealership once you’ve paid off your car, so you can do what you want with your car, whether that’s selling it to a dealership or to a third party. You can sell at your own schedule, and have no penalties. Plus, you can use that cash to put towards your next vehicle.
Financing is Easier
Financing is also easier when it comes to buying a car instead of leasing. The costs are more upfront and are detailed. Costs include taxes, fees, registration, and the cost of the vehicle itself.
Unlimited Mileage
As mentioned before, you can drive wherever you want and not be limited by your mileage. Have the urge to go on a weekend getaway, or make a cross-country trip? You can take your own vehicle and not worry about the penalty of putting on miles.
Cons of Buying a New Car
Of course, there are also cons to buying a car. We’ll be discussing payments, depreciation, and repair costs.
You Own the Vehicle
The biggest advantage of owning a car is just that — you own it! You have no restrictions when it comes to what you do with it. You can drive wherever your heart desires, and you can also customize it to your liking. You may initially have larger monthly payments, depending on how big your down payment is. But once you’re done paying off the car, that’s it — you own the car and no longer have to factor a monthly payment into your budget.
Sell on Your Own Schedule
Want to upgrade your vehicle? No problem. You aren’t tied to the dealership once you’ve paid off your car, so you can do what you want with your car, whether that’s selling it to a dealership or to a third party. You can sell at your own schedule, and have no penalties. Plus, you can use that cash to put towards your next vehicle.
Financing is Easier
Financing is also easier when it comes to buying a car instead of leasing. The costs are more upfront and are detailed. Costs include taxes, fees, registration, and the cost of the vehicle itself.
Unlimited Mileage
As mentioned before, you can drive wherever you want and not be limited by your mileage. Have the urge to go on a weekend getaway, or make a cross-country trip? You can take your own vehicle and not worry about the penalty of putting on miles.
New Vehicle Lease & Finance Offers Available
At Modern Auto Company, we have plenty of rotating lease and finance offers available for you to take advantage of. Browse through the offers to find one that fits your budget.
Special Offers
Which Option is Right for Me?
So, which option is right for you? Depending on your situation, there may be one clear answer for you.
Do you like taking long roadtrips? Do you drive a lot for work, whether that be long distance or shorter, more frequent trips? Do you want to customize your vehicle with bumper stickers and other aftermarket accessories? If any of these scenarios apply, then consider buying a vehicle instead of leasing.
Are you always looking for the latest technology? Perhaps you live in the city and don’t need to have a car 24/7, but enjoy the convenience of having one near? Don’t want to commit to buying a new car? Want to have the option to upgrade your vehicle every few years? If you identify with any of these situations, then you’d most likely enjoy leasing a vehicle rather than buying a car.
Hours of Operation
| Monday | 8:00AM - 6:00PM |
| Tuesday | 8:00AM - 6:00PM |
| Wednesday | 8:00AM - 6:00PM |
| Thursday | 8:00AM - 6:00PM |
| Friday | 8:00AM - 6:00PM |
| Saturday | 8:00AM - 4:00PM |
| Sunday | Closed |
| Monday | 7:00AM - 5:00PM |
| Tuesday | 7:00AM - 5:00PM |
| Wednesday | 7:00AM - 5:00PM |
| Thursday | 7:00AM - 5:00PM |
| Friday | 7:00AM - 5:00PM |
| Saturday | 8:00AM - 4:00PM |
| Sunday | Closed |
| Monday | 7:00AM - 5:00PM |
| Tuesday | 7:00AM - 5:00PM |
| Wednesday | 7:00AM - 5:00PM |
| Thursday | 7:00AM - 5:00PM |
| Friday | 7:00AM - 5:00PM |
| Saturday | 8:00AM - 4:00PM |
| Sunday | Closed |