How to decide whether to buy or lease a car

When acquiring a new car, customers can either choose to buy or lease one. Dealerships, such as the Jeffrey Lupient-led Lupient Automotive Group, offer these options to customers to meet their needs.

Here are some of the advantages of each alternative that could help people decide which route to take:

Advantages of buying a car

• There are fewer restrictions on how to use the vehicle. For example, mileage is not limited to a certain amount and the car can be accessorized to the taste of the owner and as long as it falls under warranty conditions.

• The owner pays less over the long run. While monthly lease payments are generally less costly, for every loan payment in buying a car accrues equity which will pay off eventually in the future.

• The owner is afforded the flexibility of selling or trading in the car anytime he or she wishes.

Advantages of leasing a car

• One of the main reasons customers decide on leasing is finances. There are lower monthly dues, little to no down payment required, no upfront sales tax, no required loan approval, and fewer repair expenses.

• The lessee will never be “upside-down,” a situation wherein car owners owe more than their car’s worth because the amount paid every month is determined by the amount of depreciation expected during the lease period, which typically lasts for just one to four years.

• By leasing a car every few years, customers can have their hands on the latest car models.

To help people decide what to do, they can visit the dealership near them. Jeffrey Lupient has eight dealerships available across Minnesota and Wisconsin.

Jeffrey Lupient has been in the field of car dealerships since he was young. Now, he is the president and CEO of the MN-based Lupient Automotive Group. Read more about the industry by subscribing to this blog.