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Whether it's at the beginning or the end of the process of searching for a new car, truck, or SUV in Kansas City, you'll need to determine if you want to purchase or lease. Is it better to pay more over a longer period of time to own the vehicle, or is it better to pay a lower amount to have the car in your care for some time and then repeat the process in a few years? Only you can decide which is best for you, and it often comes down to budgeting, but we'll review the perks and drawbacks of buying vs. leasing a vehicle to help you determine which path to take. Buying a Vehicle in Kansas City The Basics: You find the new car, truck, or SUV you like, and it feels comfortable to drive and negotiate a price that works for your budget and the dealership. You can also lower the overall cost by trading in your current vehicle, and the more you put towards a down payment will lower the amount you need to borrow as a loan. The lower the loan = the less you pay monthly. When purchasing a car, you can choose the accessories and features you want and need in your vehicle. If you want to upgrade the sound system to turn every drive into a private concert or front-row seats to your favorite podcasts, that's an easily accessible possibility. You also can drive as much as you want. Have a big road trip lined up? You can drive as much as you want without fear of breaching a contract. Once your loan is paid back, you own the car outright. Working with a trusted finance center at a dealership is one of the best things you can do. For example, our team works with our vast network of trusted lenders to find you the best rates to make the vehicle of your dreams a reality. No matter what your credit score is, we'll help you drive off the lot happily and confidently. The Drawbacks: The unfortunate truth is that 99% of cars start to lose value the second you drive away from the dealership, which means you won't get the best return on investment if and/or when you decide to sell it. Now, to be fair, as opposed to a lease, you can sell it when you choose to. Buying a vehicle will be more expensive upfront because of the down payment, but the monthly payments will likely be lower. You're also subject to sales tax and interest on the total value of the vehicle. You'll have a warranty, but coverage will likely end before you sell, which means repairs for costly damages will fall on you (transmission, alternator, etc.). Leasing a Vehicle in Kansas City The Basics: A lease is effectively renting the car, but at a much lower rate than purchasing the car outright. Most leases last 2-3 years, and during that time you'll have a contracted number of miles you can drive before you start to incur penalties (in the form of fees). To put it in the simplest terms and perspective, you'll pay less for the lease during the 2–3-year period than you would during that same amount of time if you purchased the vehicle. When you lease, you get the latest features in new vehicles and can enjoy the ride vs. driving an older model that doesn't have all the flash that other vehicles do. You also don't have to worry about the car depreciating in value. Speaking of value, the warranty will cover most if not all of the lease period, so maintenance costs are low if not $0. The Drawbacks: Once the lease ends, you're back at square one, needing to pay a down payment and go through financing. You'll also have to adhere to the mileage limits of your lease, the upper limit of which is usually around 15,000 miles per year. If you're someone who likes taking road trips, a lease may not be the best option. While you get all the latest tech and safety features, there's little room for customizing the vehicle to your liking — what you see is what you get. While the warranty will cover most maintenance tasks, it doesn't cover all of them, and you'll need to go to specific service centers and use manufacturer's parts, which can be a bit more expensive, but they won't void the warranty. You also need to be on top of your payments as failure to pay can be seen as breaking the leasing contract and, therefore, incurs some hefty fines. Buy or Lease Your Next Vehicle in Sedalia No matter your choice, buying or leasing your next vehicle with McCarthy guarantees you'll get the best rates and the highest quality vehicles that will run reliably and keep you and your passengers or family safe. Contact us at one of our locations for more information or to set up a test drive.

Do you consider vehicle history reports as you shop for vehicles? Does your interest in a vehicle lessen if you notice an accident on its history report? That perceived decrease in value is an example of the concept of diminished value, and it has a big impact on drivers around Lee's Summit and Kansas City. Diminished value is the difference in the fair market value of a vehicle immediately before an accident and immediately after that accident. A diminished value claim may help you recover some of that difference, and the McCarthy Collision Centers team wants you to better understand the causes and impacts of diminished value claims, and to help you prepare to file one in the event of an accident. None of the content in this blog is legal advice, and you may wish to consult a lawyer before moving forward with a diminished value claim. Causes and Impacts of Diminished Auto Value Accidents are by far the most common cause of diminished automotive value for Kansas City area drivers. Imagine two identical vehicles – same model year, trim level, optional equipment, color, and mileage. One of them has a clean vehicle history report (CarFax or Autocheck) with impeccable service records and no damage reported. The other vehicle has an identical vehicle history report except it shows something ominous sounding like: "Front end impact. No airbag deployment." (Catches your eye, right? And NOT in a good way. It would make me wonder exactly what was involved in that front end accident.) Many buyers will hesitate as they consider that second vehicle with the damage report, and their demand for that vehicle may decrease – they may even walk away from the vehicle. The seller, whether an individual or a dealership, may have to decrease the asking price of the vehicle to keep the customer interested. A vehicle with damage, even after being professionally repaired and restored to "Like New" status, is basically always worth less than an identical vehicle with no history of damage. The diminished value claim is a way to be reimbursed for some of that difference in value. Who Can File a Diminished Value Auto Claim to Insurance After a Wreck There are limits on the situations in which you're likely to successfully receive a diminished value claim after an accident. Was the other party at fault? You're unlikely to receive a diminished value claim if you caused the accident. Is the car titled as salvage or rebuilt? You may not be able to file a claim. Do you own the vehicle? You may not be able to file a claim if you're leasing your vehicle. In which state do you live / in which state did the accident occur? Not every state allows diminished value claims with the same terms. What are you driving? If your vehicle is higher value, you are more likely to secure a diminished value claim than if you're driving an older vehicle with a collisions and repairs. Missouri allows diminished value claims, so if you're around Lee's Summit you should be good to go. Build your case as we suggest below and see if you can get that bag! (Consult a lawyer!) How Do I File a Car Diminished Value Claim? Your diminished value claim will be submitted to the at fault party's insurance company and there are three stages of this process. Secure the services of a qualified independent appraiser to determine the after-accident value of your vehicle. You will also want to provide as much paperwork about the incident as possible: police reports, pictures, and anything else you have on hand. You want to be overprepared as the filing process can vary among insurance providers Work quickly and submit your claim as soon as possible after repairs are completed Negotiate the insurance company's offer or collect your settlement Diminished Value Claim Resources Near Lee's Summit The Missouri Department of Insurance is a great resource in the pursuit of a diminished value claim. Their Department of Insurance Financial Institutions and Professional Registration (DIFP) published an auto claim brochure called "Understanding your auto claim" that will provide fantastic guidance. There are of course multiple sources of legal guidance around the Kansas City area when it comes to your diminished value claim. Remember this blog does not constitute legal advice and you may wish to consult with a lawyer during this process. Finding Auto Repair in Kansas City Our team members unfortunately aren't card holding members of the bar association in any state and can't help you file your diminished value claim, but McCarthy Collision Center's talented technicians are incredibly accomplished at fixing collision damage. We're here to get your vehicle back on the roads around Lee's Summit with timely, professional, and complete repair of the damage to your vehicle. We have 4 convenient body repair shop locations in Lee's Summit, MO, Overland Park, KS, Blue Springs, MO, and Olathe, KS which makes us the automotive collision repair choice near you. We also partner with multiple trustworthy towing companies in the Kansas City area to offer "Round the Clock" towing services. As the McCarthy Collision Center team always says: "When you're in an accident… Call 911 & then 800-NEW-AGAIN"! We look forward to being your automotive collision repair partner in the Kansas City area!