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If you haven’t bought a vehicle in Denver in a while, you might not remember the precise difference between leasing vs. buying. It’s a pretty big decision that would serve you best if you got right for your needs, and we here at Fisher Acura are ready to help guide you through this major question in car buying. There’s benefits and drawbacks to each of these questions, so if you’re looking for one or the other, it’s best to know the facts before starting in Aurora!
So, what is leasing? If you choose to lease, you’re essentially renting your car for several years. Though you don’t get to build equity or sell the vehicle, you only have to pay for the depreciation that occurs over the duration of the lease term, meaning your monthly payment will be lower and your down payment will be smaller. You also will pay less sales tax. Another leasing vs. buying benefit in favor of leasing is that you’re flexible, with the ability to renew your lease, swap it out, end the lease, or finance the remaining value of your car.
Should you buy or lease a car? Let’s talk about financing to complete the picture. If you choose to finance in Broomfield, you’ll take out a loan on the full value of the vehicle with the intention of eventually owning it. The full value of the vehicle will be more than the depreciation over a temporary lease period, so you should expect to make a larger down payment, pay more in sales tax, and pay more month to month. However, you can sell the car at any time and get equity in your vehicle that can be tapped into when you sell. If you’re looking for the more cost effective strategy, even though the costs are greater, you should pick financing.
The team at Fisher Acura is ready to help you make the most out of your car buying purchase. Contact us today on our convenient online web form to get started or apply for financing to get pre-approved for an auto loan or lease term.
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