What Is the Difference Between Leasing and Buying?

One of the main questions we get during the purchasing process is about the difference between leasing and buying. If you are new to the financing process, or if you have never leased a car before, we know that you may not know everything about these different payment options. So what is the difference between leasing and buying?

To put it simply, buying a car is very similar to buying a house. You need a down payment and, since the majority of car buyers don’t have $20,000 in their wallet, you need to take out an auto loan to cover the initial cost of the vehicle. You then pay down this loan until you don’t owe anything, at which point you officially own the car!

Leasing is like renting an apartment. You are paying a monthly amount over a predetermined period of time for the privilege of being able to drive the car. Leases also come with mileage parameters that you need to be aware of.

If you have any questions about which option is best for you, or if you would like to take the next step with the vehicle of your choice, then we invite you to get prequalified at Nissani Bros. Hyundai in Culver City, CA, serving Playa Vista. Our team would be more than happy to assist you with all of your automotive needs.

Categories: Finance

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