Buy Vs Lease Near Midland MI

When it comes to taking home your next ride, you’ll inevitably have to decide whether buying or leasing is the right direction for your needs and budget. If you’re having trouble determining which way to turn, allow us to lend a helping hand at McDonald GMC. After seeing how these avenues compare, contact us with any questions.

Buying

It only makes sense to start with the most popular route people take to drive home their dream ride. When you buy, you’ll end up signing a financing contract to make up for the remaining balance after your down payment is factored in. This agreement will generally last anywhere from four to seven years, during which time you’ll be paying towards the sticker price and added interest. However, once you reach the end, you’ll be free and clear of monthly contributions. We can’t forget to mention that taking this path also allows you to check out our inventory of used rides.

Leasing

Leasing has been growing in popularity over the years—and it’s easy to see why! By signing up for this type of contract, you’ll be agreeing to borrow a new set of wheels from us for between two and four years. Since you won’t own your vehicle when your terms conclude, your monthly rate will not be determined based on the sticker price or interest. Instead, it will just take into account the expected depreciation. Plus, leases can end in several different ways. For instance, you can lease again, buy your car for its remaining value, or walk away with no further obligation.

Which Is Right for You?

Now, let’s chat about the types of people each plan is suited for. Buying is certainly the way to go if one of your dreams is vehicle ownership. Another perk to this route is the fact that you’ll have the freedom to sell it or hand it down to someone in your family in the future. While it has a higher initial cost, it might be cheaper in the long run as well. On the other side of the fence, individuals who don’t have enough savings to make a new car their very own through financing, might have better luck with leasing. Additionally, folks who like to be in the latest rides on the market might lean in this direction since it grants you the opportunity to swap vehicles every two years.

The Finance Department at McDonald GMC can fill in the rest of the gaps when it comes to whether to buy vs lease near Midland, MI. You can find us at 5155 State St, Saginaw, MI 48603