When shopping for a new car, make the right financing decision by knowing the difference between leasing and financing. Both depend on your driving habits, budget, and if you prefer driving brand-new models or want to keep the car for a long time.
Leasing vs. Financing
A Lease is like a rental agreement primarily offered for brand-new vehicles with terms no longer than three years and limits the total allowed mileage. You'll pay less each month, and at the end of the lease, you return it to the dealership with the option to lease another new car or finance one.
Financing costs a little more, but you'll have more time to pay a loan. After your final payment, you'll own the car for as long as you want it. Also, you're allowed to drive as many miles as you want and make customizations without penalties.
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Finance