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Leasing vs. Buying a Car

When choosing between leasing and buying a car, consider your long- and short-term finances and your current lifestyle. Buying a car brings the advantages of ownership, but leasing saves you money in the short term and may provide more flexibility.

After reading this breakdown, you’ll have a better understanding of whether buying or leasing is right for you.

The Pros and Cons of Buying a Car

Pros

Cons

Many buyers who take out a big loan for a car end up upside down on their loan and generally owe more than what the vehicle was originally worth. If you don’t want to make the long-term investment, consider leasing a car.

The Pros and Cons of Leasing a Car

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Pros

Cons

If you are prone to switching cars frequently and are interested in saving money over a short period of time, leasing could be a good option for you. If you’re looking for long-term stability and ownership, consider purchasing a car.

Save for Your Car with Synchrony Bank

Whether you lease or buy a car, you’ll need to have the right financial tools to provide for the upkeep and maintenance for your vehicle. Synchrony Bank’s high yield savings accounts have no monthly service fees and are FDIC-insured up to $250,000, per depositor for each ownership category.

We also feature award-winning customer service to help you navigate and save for all of your auto decisions. 

Call Synchrony Bank at 844-345-5789 to speak with a financial expert about opening a savings account today.

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Sources: 

Nerd Wallet: https://www.nerdwallet.com/blog/loans/auto-loans/what-do/ 

Lease Guide: https://www.leaseguide.com/articles/mileage-car-lease/


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