Car Dudes

For Car Fanatics

Owning vs Leasing: The Pros and Cons

At Bloomington Acura, we believe in providing clients with the chance to choose between ownership and leasing. Both approaches come with their own pros and cons. Let’s take a closer look at the upsides and downsides of each.

Pros and Cons of Ownership

Those who own their vehicle outright are able to put as many miles on the car as they wish. The car can be customized in any manner that the owner chooses and they also have the option of building up the resale value. No additional charges take place once the driver has left the Bloomington Acura lot.

On the flip side of the coin, the driver will have a higher monthly payment. If any repairs are needed after the warranty is complete, they will come out of the pocket of the owner. The responsibility of selling the car also falls to the owner.

Pros and Cons of Leasing

Monthly payments are much lower for those who lease. They will always have a warranty to protect them and they can swap their current vehicle out for a new one within a couple of years.

Conversely, drivers who choose to lease need a predictable income source and they must adhere to the rules when it comes to mileage. Gap insurance needs to be purchased and the car will also have to be maintained.

Over the long haul, buying a car tends to be the cheaper choice. Be sure to evaluate these pros and cons before visiting Bloomington Acura.