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Car-shopping for your next vehicle involves intense decision-making. The first major question that you have to ask yourself is whether to buy or to lease your next vehicle. About 80% of auto consumers either pay cash or finance their purchase with a loan. Many consumers are fearful of the idea of forgoing ownership, which leasing requires, or they think leasing is confusing. It's better to educate yourself on the advantages and disadvantages of both buying and leasing in order to discover which option is going to be better for you in the long run.

• You have the option of purchasing a new car or a used car. New cars have more features, and used cars often have a cheaper price tag than its updated model.

• If you do not like to change cars frequently, buying will have cost advantages.

• Once you have paid off your vehicle loan, you own your vehicle. Goodbye car payments!

• You can customize your car however you'd like.

• You gain equity when you purchase a vehicle.

• You can put as many miles on your vehicle as you wish, without economic penalty.

• Helps you rebuild your credit.

• Finance agreements generally do not restrict you from moving with the vehicle out of state.

• There are no limits or charges for excessive wear to the vehicle.

• The insurance is generally cheaper than when you lease a car.
• Leasing is only offered on new vehicles, so leasing allows car-shoppers to get a new car frequently (every 24- 48months).

• Lower down-payments and lower monthly costs.
• If you're self-employed, you may be able to write off your lease as a business expense.

• You can have the latest safety and technology innovations.

• You don't have to worry about owning a depreciating asset.

• Consumers receive purchasing flexibility -- you can defer the purchasing decision while using the car.

• Fewer repair bills.

• People who lease only pay for the depreciation of the car, not the entire vehicle.

• You can "walk away" from your car at lease end.

• If you lease a new vehicle for a term of 36 months or less, all vehicle manufacturer warranties will cover the full lease term, subject to the warranty mileage restrictions.
 

• The vehicle depreciates in value as soon as it has left the dealership.

 
• You have to sell or trade the vehicle when you decide you want a different vehicle.


• The monthly payments is usually higher on a purchased car.


• Initial out-of-pocket cost is higher when buying a car.


• Gap coverage is usually not included in finance agreements.


• Vehicle manufacturer warranties will not cover the full finance term.


• In the first years of car payments, the majority goes towards interest rather than the principal.

• Many leases have a limit of 10,000-15,000 miles a year. If you surpass your leasing mileage limit, you run the risk of big fees.


• If your credit is not good, leasing may be totally out of the question.


• By leasing a car, you always have a car payment for the duration of your lease term.


• You never really own the vehicle you're driving, unless you decide to buy at lease end.


• When interest rates are low, lease payments aren't that much more than financing.


• Getting out of a lease involves extra costs.


• Insurers usually charge higher coverage costs for leased vehicles.

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Welcome to Plaza Auto Mall!

Stop by and visit us today at Plaza Auto Mall, your local Acura, Honda, Hyundai, Scion, Toyota dealership serving New York, Brooklyn, Queens and surrounding areas. Here at Plaza Auto Mall, we carry new Acura, Honda, Hyundai, Scion, Toyota, used cars, trucks and SUVs to fit every need. We take pride in the vehicles we sell and strive to succeed in great customer experience and satisfaction.

At Plaza Auto Mall we give you easy access to the most up-to-date internet car buying tools: you can quickly view our New Specials, Used Car Specials, Used Vehicle Inventory , research or compare your new vehicle, request a test drive, apply for financing, schedule your next service appointment, or even get door to door directions. Give us a call at (866) 349-7908!