Customers often ask us whether they should buy or lease at Robbie Roberson Ford. Unfortunately, there's no cut-and-dry, right-or-wrong answer we can give them. We can just tell them the key differences and let them decide which is best for them. So here they are!
- Price. In the short term, it is far cheaper to lease than buy, because you only pay for the car's depreciation over the lease term, which often adds up to about half the total price. However, if you string leases back-to-back (and you'll presumably need something to drive after the contract is up), the long-term cost will start to exceed that of simply buying.
- Flexibility. Buying is undeniably more flexible than leasing. You can drive the car as far as you want and make as many modifications as you please, as long as they remain legal. On the other hand, leased vehicles have mileage limits, cannot be modified, and are expected to be returned in good condition. That being said, if you're not planning to exceed the mileage limit or modify the car in the first place, it shouldn't affect you.
- Hassle. Leasing is more likely to give you peace of mind than buying, simply because you won't have to deal with the hassle of reselling, worry about depreciation, or spend a fortune on maintenance. Still, if you don't mind owning a car after it stops being covered by warranty and if you want to get some value back out of your purchase down the line, buying is not a bad option either.