Skip To Content

Best Auto Repair, Williamsport

600 W 4th St Williamsport, PA 17701

570-323-3360
Opening Hours
  • Mon 8:00AM - 5:30PM
  • Tue 8:00AM - 5:30PM
  • Wed 8:00AM - 5:30PM
  • Thu 8:00AM - 5:30PM
  • Fri 8:00AM - 6:00PM
  • Sat 8:00AM - 2:00PM
  • Sun Closed
CONTACT US

Lease or Buy?

Posted July 15, 2018 3:52 AM



Lease? Or buy? These are the options for Williamsport drivers. It's always a tough question for auto owners, but here is some info that'll help you make an informed decision.

If you buy, you'll pay the full cost of the vehicle, maybe an initial down payment, monthly payments on the balance that pays down the loan principal, and the finance charge.

Williamsport drivers who lease finance the portion of the cost of the vehicle that's used up during the term of the lease. You'll pay some money up front: fees, security deposit, first month's payment and maybe a capital reduction. The monthly payments include a depreciation cost and a finance charge. When the lease is up, you return the vehicle to your local Williamsport area dealership. 

So how do Williamsport drivers decide?

First, how much do you have for a down payment? A lease usually requires a smaller down payment.

How much monthly payment can you afford? Again, lease payments will be much lower for any given down payment.

A lease needs requires better credit, so that's a factor.

How long will you keep the vehicle? Williamsport drivers who keep their vehicles around for a while will pay less if they buy. But just two or three years? Then leasing is the way to go.

If your car might suffer a ding or two, like a work truck would, then buying's better. The auto leasing company will want their vehicle back at the lease end in tip top shape, and if repairs are needed, you'll pay.

How far do you drive in and around the Williamsport area? Important to consider because leases have a mileage limit; if you go over, you pay a hefty charge per mile/kilometer when the lease is up. So high mileage PA drivers should definitely buy.

Will the car be used in your business? Check with your accountant, but both financing options have different tax benefits, depending on your circumstances.

Over the short term, leasing is much cheaper. Medium term, leasing and buying costs are about the same. Over the long haul, leasing always costs more.

Leases may sound a bit complicated, and the typical lease decision weighs more on the monthly payment rather than price. So sometimes Williamsport leasers may pay on a higher purchase price than a buyer would.

Here is a tip: If the salesman asks if you'll be leasing or buying, say you're not sure yet. Make your best deal, then look at your financing options.

Here's another: With a buy or a lease, if you total the vehicle, you'll owe the full amount of the loan, or the balance of the lease payments. Usually, it's less than the vehicle's fair market value, and that's all your PA auto insurance company will pay. But ask your Williamsport agent about gap insurance, which pays the difference between fair market value and what you owe. Big consideration for a lease.

Remember, you have to return your leased vehicle in excellent condition and may need to do all the vehicle manufacturer's recommended service and maintenance or face penalties. So see your local advisor at your Williamsport auto repair shop  or Lyco Lube Xxpress on a regular basis, get the required work done and save the service records. It's well worth it.

Lyco Lube Xxpress
600 W. Fourth St.
Williamsport, PA 17701
570-323-3360



Search



Archive

December 2009 (3)
January 2010 (4)
February 2010 (4)
March 2010 (5)
April 2010 (4)
May 2010 (4)
June 2010 (2)
July 2010 (4)
August 2010 (4)
September 2010 (3)
October 2010 (3)
November 2010 (3)
December 2010 (5)
January 2011 (4)
February 2011 (4)
March 2011 (53)
April 2011 (4)
May 2011 (5)
June 2011 (1)
August 2011 (3)
September 2011 (3)
October 2011 (1)
December 2011 (4)
March 2012 (5)
April 2012 (4)
May 2012 (1)
June 2012 (3)
July 2012 (1)
August 2012 (1)
November 2012 (1)
December 2012 (2)
March 2013 (1)
April 2013 (3)
May 2013 (2)
October 2013 (5)
November 2013 (2)
January 2014 (2)
February 2014 (4)
March 2014 (1)
July 2014 (3)
August 2014 (7)
September 2014 (4)
October 2014 (5)
November 2014 (4)
December 2014 (4)
January 2015 (4)
February 2015 (4)
March 2015 (4)
April 2015 (5)
May 2015 (2)
June 2015 (6)
July 2015 (2)
September 2015 (2)
October 2015 (5)
November 2015 (3)
December 2015 (4)
February 2016 (1)
March 2016 (4)
April 2016 (4)
May 2016 (5)
June 2016 (4)
July 2016 (4)
August 2016 (5)
September 2016 (4)
October 2016 (5)
November 2016 (4)
December 2016 (4)
January 2017 (5)
February 2017 (4)
March 2017 (4)
April 2017 (3)
May 2017 (4)
June 2017 (5)
July 2017 (5)
August 2017 (3)
September 2017 (3)
October 2017 (5)
November 2017 (4)
December 2017 (3)
January 2018 (5)
February 2018 (4)
March 2018 (4)
April 2018 (4)
May 2018 (5)
June 2018 (3)
July 2018 (5)
August 2018 (4)
September 2018 (5)
October 2018 (4)
November 2018 (4)
December 2018 (5)
January 2019 (5)
February 2019 (4)
March 2019 (5)
April 2019 (2)
May 2019 (2)
June 2019 (5)
July 2019 (2)
August 2019 (2)
September 2019 (3)
October 2019 (5)
November 2019 (4)
December 2019 (5)
January 2020 (5)
February 2020 (4)
March 2020 (5)
May 2020 (2)
July 2020 (2)
August 2020 (5)
September 2020 (4)
October 2020 (4)
November 2020 (5)
December 2020 (4)
January 2021 (6)
February 2021 (4)
March 2021 (4)
April 2021 (4)
May 2021 (5)
June 2021 (2)

Categories

Air Conditioning (12)Alignment (16)Alternator (3)Auto Safety (6)Automotive News (7)Battery (12)Brakes (14)Cabin Air Filter (8)Check Engine Light (3)Cooling System (15)Customer Detective Work (1)Dashboard (3)Diagnostics (5)Diesel Maintenance (2)Differential Service (3)Drive Train (9)Emergency Items (1)Engine Air Filter (3)Exhaust (8)Fluids (17)Fuel Economy (8)Fuel Saving Tip: Slow Down (2)Fuel System (46)Headlamps (5)Inspection (7)Keys to a long lasting vehicle (4)Maintenance (60)Monitoring System (3)Oil Change (4)Older Vehicles (5)Parts (11)Safe Driving (1)Safety (6)Serpentine Belt (4)Service Intervals (9)Service Standards (12)Shocks & Struts (9)Shocks and Struts (1)Spark Plugs (1)Steering (12)Suspension (3)Timing Belt (8)Tire Pressure Monitoring System (1)Tire Rotation and Balancing (1)Tires (4)Tires and Wheels (41)TPMS (1)Transmission (8)Warranty (2)Water Pump (1)What Customers Should Know (49)Wheel Bearings (1)Windshield Wipers (7)Winter Prep (2)

coupons

***$3.00 OFF CONVENTIONAL OIL CHANGE***
***$5.00 OFF HIGH MILEAGE/SUPER SYNTHETIC OIL CHANGE***
***$7.00 OFF MOBIL ONE OIL CHANGE***

view coupon

  • CARQUEST
  • TECH-NET
  • World Pac
  • Interstate Batteries
  • BG Products
  • Car Care Aware
TAP TO CALL NOW 570-323-3360 X