• Dodge
  • Jeep
  • Ford
  • Chrysler
  • Lincoln
  • Ram

2170 N US Highway 31
Hours & Directions Petoskey, MI 49770

  • Sales: (888) 703-7371
  • Service: (888) 709-6346
  • Parts: (888) 715-0874
Info

Buying vs Leasing a New Car in Petoskey

Should I lease or buy a vehicle at Brown Motors?

When it comes to buying or leasing a new car, which option is better for you? It all depends on your lifestyle and priorities.

Here are some of the key differences to help you decide:

 

​ 

BUY

LEASE

OWNERSHIP

​ 

The vehicle is completely yours once you have finished paying it off. You own it until you don't want it anymore. Drive it until its last breath if you want!

You are paying for the use of the vehicle during the lease period. The vehicle must be returned when the lease is up. (You may have the option to purchase the vehicle at the end of the term.)

PAYMENT

​ 

Monthly payments are usually higher than what is paid on a lease because you are paying for the whole purchase of the vehicle.

Monthly payments for leases are generally lower than what you would pay when you buy a car.

CUSTOMIZATION

​ 

You are free to customize your vehicle however and whenever you want to.

You may only customize your vehicle through the dealer at the time you begin the lease and only with approved accessories.

MILEAGE

​ 

You are free to drive as many miles as you need or want.

You are contracted to drive a set amount of miles (determined at the beginning of the lease) and may have to pay extra for miles driven in excess of the miles specified in the lease.

USAGE

​ 

Whatever it may cost to repair your vehicle to retain its trade-in value.

The lease will cover a reasonable amount of wear and tear.​  (You can be held responsible for paying for wear and tear that was not outlined in the contract.)

END OF TERM

​ 

When you are finished paying off the loan for your car, you own it.

When the lease is finished, you may purchase the vehicle at a price that was outlined at the beginning of the lease​ or you may return it to the dealer.

In other words, to the point:

Leasing makes it easier to get more car or truck for less money. You are essentially paying for a portion of the car instead of buying the whole vehicle. After 2 or 3 years you turn it in and lease another new car. With this option your vehicle maintenance will be low to none.

On the other hand if you buy a car, at the end of five years of car payments the car belongs to you. It might not have much value on the open market, but if you're willing to drive it for several more years, it becomes nearly free transportation until the wheels fall off. You do have maintenance costs to consider as warranty periods go away.

It is ultimately up to you to weigh the pros and cons of leasing vs buying a car or truck. You need to determine what your needs are and what best suits your lifestyle.

Showroom Hours

  • Monday 8:00AM - 6:00PM
  • Tuesday 8:00AM - 6:00PM
  • Wednesday 8:00AM - 6:00PM
  • Thursday 8:00AM - 6:00PM
  • Friday 8:00AM - 6:00PM
  • Saturday 8:00AM - 2:00PM
  • Sunday Closed