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Looking for a new vehicle means you have to make a lot of big decisions. One of these decisions is deciding if you should buy or lease a vehicle. While each option has its advantages and disadvantages, it is a truly difficult decision based on all of the factors of your life. Our team at Porsche of Hilton Head in Hardeeville, SC wants to help you make the best decision for your life.
Buying a Porsche
Buying a vehicle lets you keep it as long as you want without a term that you need to return it after. Since you are under no obligation to bring the vehicle back, you have no mileage or modification limits designated by a contract, meaning you can drive as far and often as you want without having to worry about fees. The biggest, and most obvious, benefit of buying a vehicle is ownership. You can continue to drive the vehicle for as many years as you want, then you can trade it in towards another vehicle if you want to.
There are downsides that come with buying though. The first of these is that your monthly payment will be higher; when you finance a vehicle to buy, you are financing the full value of the vehicle, plus interest. With a longer term on your payments, they will be lower, but then the interest will compound for a longer period, costing more over time. Selling the vehicle before your loan is paid off will mean that money has to go towards the rest of your loan before you get any back into your pocket.
Leasing a Porsche
Leasing is a good option if you want to have the newest vehicle every few years. The general term for a lease is three years, meaning you will always be able to have the newest technology and styling options. The payments on a lease are generally lower because you are only paying the difference in value before the lease and what it is expected to be by the end of the lease.
Lower payments come with a few caveats though. A lease comes with a contract that sets very specific terms and fees. You must make sure you hold on to maintenance records to prove you’ve taken care of the vehicle, stay under the allowed miles or else fees will start to stack up, and the vehicle must be returned in its original condition, meaning no modifications can be made.
Which is Right for You?
The only way we can definitively tell you which will work best for you is for you to come to our dealership and talk to our team of experts. Every situation is different, and we will want to be sure that you are choosing the option that fits into your lifestyle. Porsche of Hilton Head has helped our customers from the Savannah, GA area, as well as the Hilton Head, Bluffton, and Beaufort, SC areas choose the right options for their vehicles, and we want to help you make the best decision too.