Auto Financing or Leasing Buffalo NY

Learning the differences between auto financing and leasing will help you decide which option is best for you. Read this article and know more.

Local Companies

Chets Auto Service
(716) 845-5030
17 Kentucky St
Buffalo, NY
Partners Auto Repair
(716) 823-2503
1402 S Park Ave
Buffalo, NY
Ideal Auto Center
(716) 875-2886
771 Military Rd
Buffalo, NY
Advance Collision & Auto Repair
(716) 891-9007
1353 E Delavan Ave
Buffalo, NY
Rainbow Auto Repair
(716) 560-7010

Buffalo, NY
Key Dealer Services
(716) 646-1210
7935 Boston State Rd.
Hamburg, NY
Bill's Auto Service
(716) 873-6044
46 Comet Ave
Buffalo, NY
Zcr Auto Repair
(716) 824-7753
608 Bailey Ave
Buffalo, NY
Dolphus Auto Repair
(716) 894-5789
867 Woodlawn Ave
Buffalo, NY
Norms Auto Service
(716) 823-4218
608 Bailey Ave
Buffalo, NY

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It's like buying a new pair of shoes. Everyone has an opinion on the topic, but the best advice is to scope out which is the right fit for you.

Ownership

Leasing: You do not own the vehicle. You get to use it but you have to return it when your lease ends. If your lease vehicle has a purchase option, you may be able to purchase your vehicle during the term of the lease or at lease end.

Buying: You own the vehicle and you get to keep it when you pay off the amount owed under the financing contract.

Up-front costs

Leasing: The money you pay before you take possession of the car may include the first month's payment, a refundable security deposit, a capitalized cost reduction (like a down payment), taxes, registration and other fees, and other charges.

Buying: Up-front costs include the cash price or a down payment (if you finance), taxes, registration and other fees, and other charges.

Monthly payments

Leasing: When you lease a car, you are paying only for the vehicle's depreciation during the lease term plus rent charges (like interest), taxes, and fees and charges that may be owed during the lease. This usually makes monthly lease payments lower than monthly loan or other finance contract payments.

Buying: When you finance your purchase, you are paying for the entire purchase price of the vehicle, plus interest and other finance charges, taxes, and fees. This means that you're probably going to end up spending more on a finance monthly payment than on a lease monthly payment.


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