Should You Buy or Lease Your Next Acura?

Whether you head to the Acura dealer because you want to buy or lease a car, there are a few things you need to consider. Both buying and leasing have some key advantages, but they have disadvantages, too.

Advantages of Buying

Long-Term Savings

Buying a car is more expensive at first due to higher down payments and monthly payments. However, once the loan is paid off, you won’t have to make any more monthly payments.

Freedom to Customize

As the owner, you have the freedom to make any changes to your Acura you want. You can enhance its performance and change its appearance however you want.

No Mileage Restrictions

Unlike leasing, owning a car means you can drive as many miles as you want without worrying about excess mileage fees.

Equity Building

Each payment you make toward purchasing your Acura builds equity. Once you’ve paid off the loan, the vehicle’s remaining value can be used toward purchasing a new car or as collateral for a loan.

Disadvantages of Buying

Depreciation

Cars depreciate quickly and your Acura will lose value over time, especially during the first few years.

Higher Monthly Payments

Loan payments are generally higher than lease payments for the same vehicle, making buying more expensive in the short term.

Advantages of Leasing

Lower Monthly Payments

Lease payments are typically lower than loan payments. You’re only paying for the vehicle’s depreciation during the lease term, plus interest and fees.

Latest Models

Leasing allows you to enjoy the latest Acura models with advanced features every few years.

Warranty Coverage

Most leases last for two to three years, which often coincides with the vehicle’s factory warranty. Most repairs will be covered, reducing your out-of-pocket expenses for maintenance.

Easily Switch Cars

At the end of the lease, you can just return the vehicle to the dealership without the hassle of selling it or trading it in.

Disadvantages of Leasing

Mileage Limits

Leases come with annual mileage limits that restrict how far you can drive each year. Typically these range from 10,000 to 15,000 miles.

Lack of Ownership

At the end of the lease, you must return your car. You won’t have any equity built up to put toward a new purchase or lease.

Wear and Tear Charges

Leased vehicles are expected to be returned in good condition. Excessive wear and tear may result in additional charges.

Should You Buy or Lease at the Acura Dealer? 

If saving more in the long term, driving as far as you want, and ownership is important to you, buying might be the right choice. However, if you prefer lower monthly payments, driving a new car every few years, and avoiding the hassle of selling the vehicle later, leasing could be better.

Come by Open Road Acura of Wayne in Wayne, NJ, to explore our selection of vehicles.

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