Leasing vs Buying

When shopping for your next vehicle, you have two options: buying and leasing. Both options have their own unique benefits. The team at Geoff Penske Buick GMC is here to help drivers around Shillington, Reading, and Lancaster, Pennsylvania, learn about the differences between buying and leasing. We’ve also covered the benefits of both options. Read on!

If you still have questions when you’re finished reading, reach out to any member of our finance team. We’re here to help you determine which option is better for you.

What’s the Difference Between Buying and Leasing?

What's The Difference Buying and leasing are both ways to get behind the wheel of a vehicle. You can shop at our showroom and test drive your favorite models with both options. Buying and leasing differ when it’s time to discuss financing and driving off the lot.

When you lease a vehicle, you’re essentially renting it for a specific period of time. Leases typically last a couple years, and at the end, you return the car to the dealership you leased it from. You can then lease a new vehicle, purchase it, or walk away.

Purchasing a vehicle means you own it. You’ll likely take out an auto loan, and once it’s paid off, you’ll receive the title to your car from the lender. You don’t have to return the vehicle and can sell it once you’re finished with it. You can also drive it as long as you want. There’s no return date to remember.

Benefits of Buying

As we mentioned, buying a vehicle means you own it. You can drive it as much as you want, customize it, and really make it yours.

Once you finish paying off the loan, you’ll have no more car payments. You even can choose where and when to have your vehicle serviced.

Buying your vehicle gives you a great deal of flexibility in terms of when you get rid of your car. You have the option to sell it privately, sell it to a dealership, or trade it in to a dealership. The choice is yours and can help cut down the cost of your next vehicle.

Benefits of Leasing

Service Center Leasing a vehicle means you don’t own it. This is a great benefit for drivers who don’t want the long-term commitment of a vehicle purchase.

Leases, on average, last two to three years, and then you return the vehicle. This arrangement gives you the opportunity to try out the latest features and models every few years. Tech lovers will have access to the latest infotainment systems, heated seats, and anything else the model you’re interested in offers.

Leased vehicles, however, do often come with gap insurance and warranties, so repairs and maintenance might be less expensive.

Meet With Our Finance Team to Discuss Your Options

If you want to discuss whether buying or leasing is the right option for you, our finance team at Geoff Penske Buick GMC is here to help. We encourage drivers around Shillington, Reading, and Lancaster, PA, to visit our dealership. While you’re here, you can check out the models in our showroom and then sit down with a member of our finance team to determine the best option for you.