Buy-Here Pay-Here vs Lease-Here Pay-Here
You have probably heard of Buy-Here Pay-Here. In case you haven’t, it means that you buy a vehicle here and pay for it here. Buy-here pay-here is a type of used car dealership that works with people who have bad credit or no credit.
On this page we’ll share what you may consider to be benefits of Lease-Here Pay-Here.
Leasing was once reserved for people who wore suits and ties—such as corporate customers and luxury car buyers. Not anymore.
With leasing now available to more people, it accounts for nearly one-third of vehicle sales. (US News)
A number of articles from places such as US News, Autotrader, LifeHacker, and more list the following as benefits of leasing:
- No taxes due at signing
- Shorter term than an installment loan
- You don’t need to go through the hassle of selling it at end of the term
- There are options to purchase the vehicle at lease end
- At the end of the lease term, you simply return the car if you want
- Feel like you are always driving a newer upgraded version (like your smart phone)
There may be a number of reasons why you may want a different vehicle in a few years; those reasons may favor leasing instead of purchasing:
- If eligible, you may just want something different or a newer model
- You got a pay raise and can afford newer and/or better
- Your spouse got a raise and can afford newer and/or better
- You added a family member and need something bigger
- You got a new job that requires a newer looking vehicle
- You got a new job and now need a truck when you previously had a car