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Leasing vs Buying a New Car

Lease vs Buy

Why Should You Lease a New Car?

If you want to drive newer, safer, more reliable cars or trucks, not make a sizable down payment every 3-4 years, and also don’t drive an exorbitant amount of miles yearly, then a new car lease may be better for you. Leasing is intended for people who prefer to avert the annoyance of selling and buying each time they want to get into a new car.

Why Buy a New Car?

Contrarily, if you like long term automotive relationships with a larger sense of commitment and ownership, then buying could be what’s better for you. Car-buying is typically best for drivers who do not mind driving the same car, truck, or SUV for more than five years or even until the vehicle is no longer suitable for the highway.

Buying vs Leasing: Which One Is Right for You?

Being aware of the pros, cons, and overall benefits of leasing vs buying a car is important. Be sure to acknowledge factors such as monthly payments, vehicle ownership, repair costs, and potential savings when considering the best new car or truck financing type for you.

Buying: Ownership vs Leasing

When it comes to vehicle financing, new car ownership surely comes along with many advantages, most associated with complete ownership of the car or truck. You may not be aware, however, there are also some great benefits of leasing, as well. It’s essential to consider all financial aspects including depreciation, down payment, monthly payments, term length, buyout payments, interest rate, and maintenance & repair costs, before making a decision. A careful observation of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the ideal choice between leasing and buying a new car or truck.

leasing vs buying a new car benefits

Monthly Payments

Vehicle lease payments are oftentimes less expensive in comparison to car financing and loan payments as the typical lease contract is basically renting with the option to buy out near the final payment of your lease term. Consider when leasing that you’re going to need a higher credit score, and will be asked to carry collision and comprehensive insurance, though the same can be said for the lowest rate auto loans. Although it may likely add to monthly payments, it’s also wise to select a model with the features you want or need, as personal satisfaction is often priceless.

is it better to lease or buy a car

Maintenance & Repair

Auto leasing often includes regular vehicle maintenance & repair. It’s important to remember this when calculating monthly costs of leasing vs ownership. Regardless of what make and model you select, mechanic bills are an uncertain cost that can rapidly add up. And for those of us who aren’t certified auto mechanics with a full toolset and hydraulic jack in the garage, leasing could be the best option for peace of mind.

is leasing better than buying

Repair & Maintenance

In general, a new car lease saves money in the short term with more affordable monthly payments, while buying gets you a long term investment, meaning absolute ownership of the value of the car, truck, or SUV at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For maximizing investment on a purchased/financed vehicle, you can pay it off quickly and also avoid excessive wear and mileage.

Lease Buy
Maintenance & Repair Costs Typically Included Not Included
Down Payment Smaller Down Payment Larger Down Payment
Monthly Payment Smaller Monthly Payments Larger Monthly Payments
Ownership No Ownership Pride of Ownership
APR % Credit-Based Credit-Based
Finance Term Approx. 2-4 Years Approx. 3-6 Years
Savings/Investment Short Term Savings Long Term Investment
Vehicle Customization Not Available Available
Pre-Owned Vehicles Not Available Available
Poor Credit Financing Not Available Available
New Vehicles Available Available

BMW Lease and Finance Offers Near Houston TX

Advantage BMW of Clear Lake knows that choosing the right BMW car and financing option is never easy. Our team of experienced BMW lease and finance specialists are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location near Houston, TX. We look forward to serving you.

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Cars Mar 15, 2023

I can always count on BMW Of CLEAR LAKE to deliver amazing world  class service. Every visit in the last 10 years have been stress free. Kudos to Omar and Fidel and their total customer service attitude of always willing to help when needed by all the service staff especially the teams effort to resolve the window fogging issue. I could not be happier with this dealership.

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Cars Mar 15, 2023

Wonderful people I didn't see anybody there that wasn't smiling or glad to see you it was my first experience with Bmw in every aspect, first car first visit pull inside the building immediate help and attention felt really special my service manager's name was Joel really nice man I was very well taken care of felt wonderful to give my money to them people the service was perfect my car was fixed ran perfect when I picked it up they knew exactly what to do how to fix it purring like a kitten one of the ...

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Cars Feb 27, 2023

Words cannot express all the great things about this dealership. I needed a replacement vehicle for one that was a total loss. Trong went above and beyond to make sure my buying experience was the best. Not only did he get me into a beautiful used blue Nissan Frontier, but also drove it to his personal mechanic to get a second opinion so I would feel comfortable with my purchase. Thanks, Trong. You are the best!

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DealerRater Feb 8, 2023

Nothing short of amazing service with Heather! I needed new tires, and she worked with me every step of the way to pick the best ones for my vehicle and get them installed. The car was spotless when I picked it up which was a wonderful touch! Highly recommend BMW of Clear Lake.

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DealerRater Dec 30, 2022

I have a 2004 E46 M3 that I don't drive much but try to keep in perfect running form. I had an issue that I couldn't diagnose so I decided to visit BMW of Clear Lake at their new location. First of all, they have upgraded their service look and feel. It is the best service department I've seen. I've dealt with Chip Chappee serveral times before and asked for him by name. Chip always does an excellent job diagnosing and explaining the required repairs. Chip is also great at keeping the cost fair and reasonable. My ...

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BMW of Clear Lake 29.5825839, -95.1780338.