Want to buy a new car but don’t think it’s in the budget? There are many more affordable options to consider if a brand new car is not a viable option to you. You can either buy a used car or lease a new car. Either way, since you are about to make a huge investment, make sure to study all of your options so that you can make the right decision for yourself and your family.
If you are looking for bad credit car loans, Mid-Rivers Motors has many used cars and pickup trucks for sale in a variety of styles and price ranges. Check out our inventory online or call us today at 636-970-6800 to learn more.
Buying Used Cars vs. Leasing: What’s the Difference?
If you think getting a car lease will be the cheaper option, think again. When you buy used cars, the loan value is based on the entire cost of the vehicle. Each payment you make on the car builds equity. Once you pay off the loan, the car is yours.
On the other hand, when leasing a car, you’re only paying for the depreciation value of the car. At the end of the lease term, you will have to return the car to the dealership.
When you buy used cars, it is often a more cost effective and a smarter decision than leasing a car. Leasing is just a fancy name for what is basically an extended car rental. If you decide to lease a car, consider the fact that you will have to return it to the dealership at the end of the lease.
If you do decide to buy it from the dealer at the end of the contract, it is usually at a price higher than what you would have paid to buy a similar used car.
For example, if you lease a car for three years, you will need to either look for a new lease or cough up thousands just to purchase the car you’ve been driving at the end of three years.
The Appeal of Car Ownership
Most people who prefer leasing to buying do so because they want to experience the thrill of driving different kinds of cars. When you buy used cars, on the other hand, you get stuck with only one car for the time being. However, this isn’t exactly a bad thing, because at the end of the day, you will own a car, and you can’t put a price tag on the value of ownership.
Leasing Your Car? Buy Used Cars Instead
Whether buying for personal or business use, having a car is often a necessity for those in St. Louis and the surrounding areas. Since a car is a substantial investment, the decision to buy a car is a huge one.
If you find the prospect of buying a used car daunting, consider applying for financing. Mid-Rivers Motors offers guaranteed financing for everyone who wants to buy used cars—even for those with bad credit history.
Want to learn more about our used cars and pickup trucks for sale? Stop by our St. Peters used car dealership today or call us at 636-970-6800 for immediate assistance!