Should you buy or lease? Here's how to decide

Buying a new vehicle can give you a great sense of accomplishment and pride. However, leasing has many benefits to drivers as well. Here we provide you with a list to help decide which scenario is best for you. If you still can't decide, feel free to make an appointment with an SVG sales team member. They'll be happy to further explain the benefits of both as well as look at your unique situation and help you figure out which might be best for you.
 
Buying Vs. Leasing
Buying can help you to strengthen your financial situation by owning your vehicle for many years after your loan is paid off. However, leasing gives you the chance to always be in a newer vehicle and have the comfort of a warranty.

 
Buying Leasing
Pro: You own the car after your loan is paid off. You can drive the vehicle as far as you want with no mileage restrictions, plus you can modify or customize the vehicle any way you'd like. You're free to sell the vehicle any time you'd like.
 
Pro: Lease payments are lower than purchase payments. On most vehicles, it will be under warranty for the entire duration of the lease.
 
Con: Monthly payments for buying are higher than leasing. Once your vehicle is out of warranty, you're going to have to pay out of pocket for any drivetrain problems. Con: Once the lease is over, you must turn the vehicle back in to the dealership, and you'll need to purchase or lease another vehicle, so you'll have a payment for at least a few more years.
Pro: After your loan is paid off, that frees up your money so you can save or use that monthly payment amount for another purchase. Pro: You get to drive a new vehicle every few years so you'll always have the latest in technology and safety features.
Con: Out-of-warranty repairs can be expensive, so the money you save by not having a monthly payment may end up being used for repairs. Con: Each time you lease a vehicle, you'll likely have to provide a down payment to have a reasonable monthly payment. Typically, advertised lease payments will require around $3000 as a down payment.
Pro: Insurance rates typically go down as a vehicle ages. What you pay for your vehicle's insurance when you buy it usually will be higher than what it costs 5 or more  years later. After your loan is paid off, you can switch to "liability only" insurance to save even more money (although if you wreck your vehicle and it's your fault, insurance will not cover the costs of repair). Pro: Because leased vehicles are usually under full warranty during the lease, insurance rates can be lower for leasing than buying.
Con: If you own several vehicles, you'll have to spend a lot of money during your birthday month on license plate/registration renewals. Con: Your registration is based on the finance company's "birthday" which usually isn't the same month as your birthday, so you'll have to remember that your renewal will be due in a month you're not used to.