Vehicle purchase means that the customer buys a car and gains ownership of it. The purchase may be by cash or by way of a bank loan / credit.
In principle, the outright (cash) purchase of a vehicle differs from leasing a vehicle in terms of ownership. With a purchase, the customer receives complete ownership of the vehicle and can freely do with it as they please. They are not bound to mileage restrictions and can keep the vehicle for as long as they like or sell it at any point in time.
When purchasing a vehicle, the buyer assumes all responsibilities from the moment of purchase. This includes bearing the cost of maintenance, insurance, and any repairs needed over the vehicle's lifespan, as well as benefiting from the vehicle's value as an asset. However, the burden of the depreciation of a vehicle is also fully on the buyers shoulders.
Learn more about the differences between leasing and buying a car and consult our blog article Lease or buy? Tips for leasing or buying a car.