Should I Lease or Finance My New Car?
Your next Mercedes-Benz is guaranteed to provide luxury and fun-to-drive performance in equal measure. However, when it comes to financing vs. leasing, you might not know which one to pick. Check out the pros and cons of each:
- Why Lease?
- Lease payments are usually lower than loan payments.
- Leasing lets you trade in your car for one with the latest features after your lease term ends.
- Returning the vehicle at the end of the lease term is simple, but with financing, you’ll have to arrange to sell or trade-in the vehicle.
- Why Finance?
- If you want to own your vehicle outright, financing is the best choice.
- Leases usually have a set mileage restriction. If you plan on putting lots of miles on your next vehicle, leasing might not be viable.
- Wear and tear can lower your car’s overall value, but you won’t get financially penalized by it while you own the vehicle. With a lease, you need to keep your car in excellent condition, making it an unattractive option for Clarkston, MI families with small children.