Leasing vs. Financing

Explore the Benefits of Each at O'Connor Auto Park

New Inventory

Loan vs. Lease - Know the Facts

Getting a new car today has a lot more options than in the past. Unlike in the past, when buying a car was the only option for getting a new car; today, many Winthrop and Waterville drivers are choosing to lease a vehicle. Deciding whether to lease or buy can be a big decision because they both have their pros and cons. At O'Connor Auto Park, we want Rockland and Camden drivers to be able to make an informed decision based on having all the facts. See us and allow us to provide you with some important facts about both leasing and getting a loan.

Pros of buying a vehicle

  • Ownership - You're the owner so you can do whatever you want with the vehicle.
  • Mileage - You're not restricted to only putting on a certain number of miles.
  • Customization - You can customize the vehicle with after-market parts and equipment to your heart's desire.
  • No end-of-lease charges - When the loan is paid, the vehicle is yours without having to pay additional fees.

Cons of buying a vehicle

  • Repair costs - Once the warranty is up, you have to pay for repair costs.
  • Larger payments - Loan payments are generally higher than lease payments.

Pros of leasing a vehicle

  • Newer vehicle - You can drive a new vehicle near Lewiston-Auburn every couple of years.
  • Warranty - The vehicle is under warranty for the life of the lease.
  • Lower payments - Lease payments are lower than loan payments.
  • End of lease terms - You can buy the vehicle or return it at lease-end.

Cons of leasing a vehicle

  • Income - You must have a steady income and very good credit.
  • More money - You may end up paying more money over the life of the lease.
  • Mileage - You're only allowed to put on so many miles without paying additional fees.
  • No Ownership - The vehicle is not yours to do with what you want.

If you're ready to get a new car near Bangor, we would love the opportunity to help you not only make the decision that best meets your needs but also to put you behind the wheel of the car of your dreams. Come to our Augusta showroom and take a couple of vehicles out for a test drive.

Contact

O'Connor Auto Park

199 Riverside Dr
Directions Augusta, ME 04330

  • Sales: (866) 237-7909
  • Service: (866) 237-7909
  • Parts: (866) 237-7909

Hours

  • Monday 8:00AM - 7:00PM
  • Tuesday 8:00AM - 7:00PM
  • Wednesday 8:00AM - 7:00PM
  • Thursday 8:00AM - 7:00PM
  • Friday 8:00AM - 7:00PM
  • Saturday 8:00AM - 5:00PM
  • Sunday Closed