Is Buying or Leasing the Best Choice for You?

To Lease or To Buy? Let Maple Hill Help You Decide

Should I lease or buy my next vehicle? At Maple Hill Auto, we get this question a lot. When you’re shopping for a new vehicle, this is one of the biggest decisions, and the answer is there isn’t one right choice. It often comes down to your financial position and lifestyle choices. Shopping for a new vehicle is an exciting experience and deciding how you’ll finance your purchase is an important consideration. Our experienced sales professionals can walk you through the pros and cons of both options, and help you make the decision that best meets your needs,

Before you start shopping, it helps to get educated on the pros and cons of both leasing and buying. Here are some of our top questions for deciding whether leasing or buying is right for you.

What’s your budget?

Lease: In general, it can be more economical to lease a vehicle.  That’s because you’re paying to use the vehicle, rather than to own it outright. As a result, leased vehicles typically have low or no down payment, as well as lower monthly payments. Since you’ll be saving some money, you may be able to afford to lease a higher trim level or more expensive vehicle. Since leases are usually just for a few years, you’ll have the option to adjust your budget on your next vehicle.

Buy: When you purchase a vehicle, you usually have to put down a larger down payment and may also have slightly higher monthly payments. However, if you’re taking out an auto loan, you may have options for how to manage the expenses associated with buying a vehicle, including the amount of your down payment, manageable monthly payments and the term of your loan. While you’re paying off your loan, you’re building equity in an asset that you’ll eventually own. Then, when you pay it off, you’ll own your car outright. When you go to purchase your next vehicle, you can apply the value of your trade-in towards your future car.

How are your driving habits and transportation needs?

Lease: A key difference between leasing and buying is how much you plan to drive. Most leases come with annual mileage restrictions and, if you go over the limits, you could hit with costly penalties. Manufacturers restrict mileage on leased vehicles so they’ll be more valuable to resell when the lease term is over. Also, leased cars typically have to be turned in after two or three years, limiting the time that you’re the driver. That flexibility also allows you to make changes when you shop for your next vehicle, including upgrading to a nicer model or downsizing.

Buy: When you own your vehicle, you’re in charge of how much you drive your vehicle and for how long. You won’t have to worry about mileage limits and steep charges if you drive too much. If you decide to sell your vehicle, you’re in charge of the sale details, including who you sell to and for how much. When you go to buy your next vehicle, you can use your current car as a trade-in and put the value towards your next purchase.  

How much do you want to maintain a vehicle?

Lease: With a leased vehicle, you benefit from a brand-new model that is fully covered by manufacturer’s warranty and features the latest technology. That newness means your less likely to face repairs and maintenance that typically occurs when cars get older and accumulate mileage. Many drivers are attracted to the lower maintenance that comes with a leased vehicle.

Buy: When you own a vehicle, as it gets older, you may have to pay for repairs and replacement. You’re in control of when you do this maintenance, but it can add hassle and expense. On the up side, if you invest in caring for your vehicle, it will retain a higher value. That will provide you with more upside when you go to sell or trade-in the vehicle.

What is your long-term plan?

Lease: With a lease, you’re paying to enjoy a vehicle for several years and then you get to walk away. For many buyers, this is very appealing, particularly if they like to drive the newest models.

Buy: With an owned vehicle, you are truly in the driver’s seat with your vehicle and you set the terms and conditions.  You have more control over the vehicle, how you use it and how it is maintained.


When you go to buy a new vehicle, the option of whether to lease or buy is a major consideration. These are just some of the factors that go into this decision and there’s no one answer. At Maple Hill Auto, our sales and finance professionals can help you assess your needs and determine which plan is the best for you. Visit us at our showroom at 5622 W. Main St. in Kalamazoo or browse our entire selection of new and pre-owned vehicles online. We look forward to helping you find your next vehicle.

Categories: Finance