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.
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.
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.
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.
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.
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.
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.
|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|
|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|
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.
Throng has done a good job from start to end. It was a good experience ..
BMW Mini Clear Lake Best service department I visited recently Very helpful stuff Gerardo was my advisor he was great definitely I will recommend them to friends and family and I will service my car with them again
The guy at the service named Nick was so accommodating, very understanding on plight of the customer and BMW workers do quality job, this is what they call a superb customer service. I will surely come again and recommend this BMW Clear lake car service for their very good job, to others.
Dealership has some of the friendliest sales representatives around. They helped us out every step of the way and made buying a new car as smooth as possible
Car buying experience was amazing! Kim Kimmel was our sales rep and he was awesome! Got an x5 for my husband with an x4 on order for me 🙂 I can’t wait to do business with Kim again in Dec when my car gets here 🙂