Buying vs. leasing a car in Savannah & Springfield, GA
Buying vs. leasing
Should you buy or lease your next vehicle?
Both options get you behind the wheel, and the right choice depends on your budget, how much you drive, and how long you plan to keep your vehicle. This guide breaks down the differences to help you decide.
Buying means paying the full cost of the vehicle, either upfront or through a car loan. Even if you pay over time, you're paying the full price, and the vehicle is yours.
Leasing means paying for a portion of the vehicle's value while you drive it for a set period. You're only paying for the time you use it.
Side by side
How buying and leasing compare
| Topic | Buying | Leasing |
|---|---|---|
| Advantages | BuyingOwning can be a great investment. Take care of your vehicle and you may not need another one for years, and when you're ready for something new, you may be able to sell it for a good price or trade it in with us. There are no restrictions on how far you drive, and you can customize your vehicle however you like with accessories, add-ons, a new paint job, bumper stickers, or aftermarket performance upgrades. | LeasingLeasing costs much less than buying outright because you only pay for a percentage of the total price, and it may even let you drive a nicer vehicle than you could normally afford. You won't have to worry about finding a buyer or getting a good price when you're done, because the dealership takes the vehicle back. If you love the newest features and technology, you can upgrade regularly to drive the latest models. |
| Who owns it? | BuyingThe vehicle is yours and only yours. You can pay for it in cash or make payments through a financing plan. If you finance, your lender will require you to meet certain obligations, like a down payment and monthly payments, and the vehicle can be repossessed if you don't. | LeasingThe institution you lease through keeps ownership, so you're essentially renting the vehicle. Your contract states that you'll use it for a set amount of time in exchange for a set amount of money. |
| Up-front costs | BuyingWhen you finance, your bank or lender will ask for an initial payment, which is usually calculated based on your credit score, among other factors. You can also trade in your current vehicle and put its value toward your down payment. | LeasingA lease doesn't typically require a down payment, but you'll pay your first month's payment along with a security deposit, an acquisition fee, and any other applicable costs. Putting more down at signing can lower your monthly payments. |
| Future value | BuyingA new vehicle begins to lose value over time, but if you maintain it properly, you may still be able to sell it for a fair price. That's why it's important to visit a factory-authorized service center at regular maintenance intervals. Even a vehicle in rough shape can be sold for parts or scrap. | LeasingSince you don't own the vehicle, you'll turn it in to the leasing company when your lease ends. Pay close attention to your mileage limits and wear-and-tear guidelines, since excessive use can cost you extra when you return it. |
| End of payments | BuyingOnce you've paid the amount stated in your contract, that's it. Your lender will send you a lien release, which proves the vehicle belongs entirely to you and can't be repossessed for nonpayment. The vehicle is officially yours. | LeasingYou usually just return the vehicle when your lease ends. You may also be able to buy it during or after your lease, or trade it in before the term is over. If you think you might want one of these options, ask your finance manager about it before you sign. |
| Best vehicles to lease | Leasing tipYour lease payment is based on how long you'll have the vehicle and how much it will depreciate while you drive it. That means the most affordable leases are on vehicles that hold their value through the end of the term. Lease ratings can show you which models depreciate quickly and which ones stay valuable. |
Shop new and used vehicles, from Honda to Acura, at our dealerships in Savannah and Springfield, near Ridgeland, Richmond Hill, Pembroke and Rincon
Southern Motors Acura
Street address:
102 Park of Commerce Drive
Savannah, GA 31405
Phone:
Sales: (912) 232-3333
| Day | Sales Hours |
|---|---|
| Monday | 9:00 AM - 6:00 PM |
| Tuesday | 9:00 AM - 6:00 PM |
| Wednesday | 9:00 AM - 6:00 PM |
| Thursday | 9:00 AM - 6:00 PM |
| Friday | 9:00 AM - 6:00 PM |
| Saturday | 9:00 AM - 5:00 PM |
| Sunday | Closed |