There are two ways you can secure a new car at Watertown Mitsubishi and that is through buying or leasing. While some believe that these methods are the same, we’re here to explain how they’re different. Let’s continue reading this guide to identify how they work and which one may fit your situation.
The most common route to getting a new vehicle is simply by purchasing the model from our lot. Drivers have the option to buy the car through a lump sum payment, but it’s more practical to apply for financing. This path allows you to spread out your earnings while commuting through the Hartford region every day and provides long-term benefits like building credit. Additionally, you’ll get to enjoy the advantages of a powertrain and vehicle warranties. These declarations are designed to ensure the quality of the car and come with little to no-cost services. Once you’ve fulfilled your agreement and paid off the total balance, you’ll have a choice to sell your model to us as a trade-in and use it to buy another vehicle.
Are you interested in cruising around Asylum Avenue in a new vehicle every few years? It may be best to invest in a lease. The short-term contract is designed to give the same benefits as if you’re buying a factory-fresh car, but there are mileage restrictions you must agree to before the keys are transferred to your possession. After accepting the conditions of the arrangement, you’ll have an opportunity to complete registration requirements as well as acquiring the appropriate insurance policy. As you get closer to the expiration date, the lease servicer will give you an option to keep the car and switch to financing or exchange your lease to get another vehicle. If you want to go another route, simply allow the agreement to end. For more details, speak to our Finance Department team.
Buying and leasing really depends on the driver. If you want an asset that can be utilized at a later date, then purchasing a car may be better. However, shoppers who rather not have the responsibility of ownership should go with a lease. One of the major differences between these two methods is duration. Financing usually takes up to seven years, while the rental arrangement has a maximum length of four years. Plus, a lease has less expensive installments because the amount generated by contract is based on the depreciated value of the car. Meanwhile, the financing method is determined by the retail price. Whichever option you choose, you’ll be behind the wheel of a new model while traveling on Interstate 84. For a comprehensive consultation, visit our location during business hours.
Yes, one of the benefits to leasing a car is being able to finance it after the previous contract expires.
