Should I Buy or Lease my Next Truck?

October 5th, 2018 by

Car key on top of calculator and dollar bills

When you’re ready for a new truck for work around Milwaukee, there are two automotive financing options: lease vs. buying. To determine which works better for you, it’s important to understand the benefits that each financial option offers. Take a look at the advantages of both leasing and buying before you visit Lynch Truck Center.

Benefits of Buying a Truck

  • Ownership: Financing a vehicle means that you are the sole owner that your truck. That means that once you pay off your loan, you will have your vehicle for as long as you wish to. It also means that there aren’t any restrictions on modifications or upgrades.
  • Customization: As we just mentioned, you are not bound by an agreement, so you can customize your truck however you’d like. Feel free to upgrade your audio system, reupholster the seats, or anything else.
  • No Restrictions: If you plan to drive your truck frequently, the financing is a better option because you won’t have to obey mileage restrictions. You can drive your truck for as many miles as you need in Racine.
  • Selling Ability: Because you’re the owner of your vehicle, you can choose to sell it or trade it in at any time.
  • Less Long-Term Cost: Although buying a truck is more expensive upfront, the costs over time will likely be less because it shouldn’t require as much maintenance or repairs.

Benefits of Leasing a Truck

  • Lower Costs: Leases typically require a lower down payment, so this option is less expensive upfront. Leases also usually come with lower monthly payments than financing. Check out our lease specials to see how you can save further.
  • Upgrades: When your lease term is up, you’re able to trade in your current truck and choose a newer, upgraded model.
  • Lower Sales Tax: In many states, vehicle leases come with a lower sales tax. In some places, you only pay taxes on how much you put down and for monthly payments.
  • Warranty Coverage: Because you have the vehicle for a short period of time, maintenance should be covered by your warranty, as long as you haven’t gone over the mile limit.
  • Higher Approval Rate: If you were denied for a car loan, you may be able to get approved for a lease instead. Even Milwaukee drivers with little or poor credit may be approved.

See Truck Lease and Financing Options at Lynch Truck Center

Now that you know the benefits of each automotive finance option, you can determine whether buying or leasing is better for your financial situation and needs. To learn more about loan approval requirements or to explore your options further, contact us online or visit us near Northern Chicago.

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Posted in Financing