This site was designed for the latest version of Chrome, Firefox, Safari, and Internet Explorer (version 10+). Some features may not work correctly in your browser. OK

Financing Vs. Leasing: Which Is Right For You?

Financing Vs. Leasing in Grand Rapids, MI


One of the first decisions you’ll make as you begin car shopping is whether to finance your car or lease it. There are pros and cons to each of these methods, especially depending on how much money you have saved, your monthly income, driving habits, and more. Below is a list of information about financing and leasing to help you make the most informed buying decision possible.

Financing

With the average cost of a new car rising beyond $33,000, many consumers can’t afford to get a car in cash. That’s why a majority choose financing. This lets you make a down payment (roughly 10 to 20 percent of the sticker price) and finance the rest.

This buying option is best for people with a reasonable savings and good monthly income. In the long run, this tends to be the best option for most because you invest equity in the vehicle and you own it as soon as you finish making payments. If you’re looking for a car that’ll last a decade or more, financing is the option for you.

Leasing

Leasing is great for those who can’t afford large monthly payments or those looking for added variety. Leasing requires little to nothing down, and you also pay considerably less. However, you don’t get to keep the car when your contract is up.

This is a great option for recent college grads, part-time workers, or others on a fixed income. It’s also great for those looking to upgrade to a sports or luxury vehicle considering the added affordability, as well as those who want variety. When leasing, you can get a new car every few years.

The disadvantage to this method is that you don’t get to keep the car when you’re done. Plus, you have to pay for regular maintenance—though most repairs are covered under warranty. You may also have mileage restrictions depending on your lease.

​ 
Financing is a smart option for those looking for a long-term investment, while leasing offers lower monthly payments and added variety. Stop by Pfeiffer Plainfield Used today to learn more about your buying options.

Hours

  • Monday
    9:00am-8:00pm
  • Tuesday
    9:00am-6:00pm
  • Wednesday
    9:00am-8:00pm
  • Thursday
    9:00am-6:00pm
  • Friday
    9:00am-6:00pm
  • Saturday
    9:00am-4:00pm
  • Sunday
    Closed

Contact Information

4140 Plainfield Ave.
Grand Rapids MI 49525
Phone: (866) 207-9625
Fax: (616) 419-3344

Have a Question?

- + Disclaimers