Your New and Pre-owned Automotive Financing Experts

Financing a new or used vehicle is quick and easy at #1 Cochran. As Western Pennsylvania’s largest automotive retailer, we offer finance options not found anywhere else. Our #1 Cochran finance specialists work with an unparalleled network of lenders—from financial institutions to vehicle manufacturers — to customize a plan that fits your needs.

Should I Buy a New Car or Should I Lease?

The options can be confusing. This handy guide should help you decide which option is the right choice for you.

When you buy a car, you’ll be paying for the entire cost of a vehicle. Some people are able to pay upfront, while most will need to begin a payment plan to repay a car loan — but even if you pay in increments, you still pay the full price of the car.

When you lease a car, it’s yours to use for a set amount of time as you pay a portion of the car’s value each month. That way, you’re only paying for the time you use the car.

When you lease a car, it’s yours to use for a set amount of time as you pay a portion of the car’s value each month. That way, you’re only paying for the time you use the car.

WHAT YOU NEED TO KNOW

BUYING VS LEASING CARS IN PITTSBURGH, PA

When it comes to buying or leasing a car the options can be confusing. To help you make an informed decision we have provided the information below. We hope you find it informative and useful.When you buy the new or used car you pay for the entire cost of the vehicle. When you lease the new or used car, you pay for only a portion of the vehicle’s cost, which is the part you use during the time you are driving it.

WHO OWNS IT?

BUYING

Whether you pay for the car with cash, or finance it and make monthly payments, either way it’s yours. Of course, if you’re financing it, you’ll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don’t, they have the right to repossess it.

LEASING

You do not own the car when you lease. You’re paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.

UP FRONT COSTS

BUYING

If you’re financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender’s requirements and your credit score.

LEASING

Leases often do not require any type of a down payment. All you usually have to pay is the first month’s payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.

FUTURE VALUE

BUYING

Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)

LEASING

In most leases you don’t end up owning it so you don’t end up selling it. That’s the financial institution’s job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.

END OF PAYMENTS

BUYING

Once you’ve paid off what you owe on your contract, that’s it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.

LEASING

Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we’ll make sure you have your lease set up the way you want it.

BEST CARS TO LEASE

BUYING

Sorry,   This does not apply to buying a vehicle.

LEASING

The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.