Buying vs. Leasing: Whats the difference?

One of the most common questions we get is whether a driver should lease or buy their new car. There are some important differences between these two options, differences that you will want to keep in mind when you are preparing to invest in a new vehicle. As such, we have broken down the pros and cons of both leasing and buying here, so you can make a more informed purchasing decision.



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Buying:

 With this option, you generally must take out an automotive loan to cover the cost of the vehicle. Monthly prices are generally higher, depending on how large the loan is and the other loan details (APR, your down payment, the loan length, etc.). With this option, you will own the vehicle.

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Leasing:

This option is akin to renting an apartment. It's generally a short-term option drivers choose, which comes with lower monthly costs. These lower costs can also give you more access to higher-end vehicles that you may not be able to afford buying.


Which Option Is Right for You?

With buying and leasing understood, which option is right for you? That depends on a few factors.


Do You Want a Short-Term or Long-Term Vehicle?

If you just need a vehicle for a couple of years, leasing may be a more cost-effective option.

Do You Need a Lower Monthly Payment?

Leasing offers more flexible monthly payment options, and gives you more access to higher-end vehicles.


These are just a couple of questions to ask yourself before deciding. Of course, our finance team is here to answer any others you may have.

Ready To Find Your Next Car?

If you would like to learn more about our selection of vehicles, or if you have any questions about leasing and buying, we invite you to visit us at Courtesy Motors, located in Altoona, PA. Our team would be proud to help you schedule a test drive with your preferred automotive options.

We look forward to assisting you with all of your vehicle-related needs.

We are proud to serve drivers in State College, Johnstown, PA; and Ebensburg.