Purchasing a vehicle, especially for the first time, is a huge investment that can be overwhelming for some people. There are many avenues that shoppers should consider when deciding to buy or lease a new Acura, and the fine print can be confusing to navigate.
At Montgomeryville Acura, we want to provide our valued customers in Philadelphia, Lansdale, and Doylestown with the best information about buying or leasing so they can make the most educated decision.
What Does It Mean to Lease a Car?
You don’t own a new Acura when you decide to lease it. When leasing, you’re obligated to return the car after a certain time frame — usually 24 to 36 months — unless you decide to buy it after the leasing period is up.
Upfront costs for car leases usually include a security deposit, down payment, first month’s payment, taxes, and registration. During the lease period, payments are usually much lower than car loan payments because you’re only paying for the vehicle’s depreciation during that term.
There’s also a cap on the number of miles you’re allowed to drive while you’re leasing, and you’ll be responsible for paying for any damage done to the vehicle. Usually, drivers are only allowed to put 12,000 to 15,000 miles on a car while leasing it. Unless you want to buy the car at the end of the period, you can’t customize it or make any design changes.
If you aren’t careful, wear and tear costs can add up at the end of your lease, so it’s best to continue taking your car in for regular inspections and routine maintenance.
Buying a Car
After buying a car, you have no obligation to the dealership for mileage within a certain time frame or any automotive damage. You can customize it and put on as many miles as you want and won’t be charged for its wear and tear. Any damage, however, will lower its trade-in or resale value if you decide to buy another car.
You’ll probably have to pay a down payment, taxes, and registration upfront. Your loan payments will also be more expensive than lease payments since you’re paying for the entire car cost.
After you’re finished paying your car loan, you’ll have created equity, or the car’s value above what you owe.
Buy or Lease a Car with Montgomeryville Acura
Typically, your finances will dictate whether it’s more economical to buy or lease a car. Montgomeryville Acura’s financial center can help you decide whether buying or leasing makes more sense given your current financial situation.
Leasing is a great option if you’re looking for a flexible plan and don’t want to commit to a car long term. Leasing is also cost-effective if you don’t plan to drive many miles over a certain period of months or your budget is suited for lower payments over a certain period.
Buying is best if you want ownership equity and plan to keep your new Acura for a longer period. If your budget allows you to make the higher payments, you have a knack for customization, and road trips are one of your many hobbies, buying would be the more beneficial route for you.
Montgomeryville Acura has a wide inventory of new Acura vehicles and used cars to choose from. If you’re thinking of buying or leasing a new Acura or pre-owned vehicle in the Philadelphia, Lansdale, or Doylestown area, visit us to schedule a test drive with the model of your choice.
We’re conveniently located at 1009 Bethlehem Pike in Montgomeryville, PA. Our helpful staff of sales and finance representatives are available to assist you Monday through Thursday from 9 am to 9 pm and Friday and Saturday from 9 am to 6 pm. Stop in today — we look forward to seeing you!