If you like to drive newer, safer, more reliable cars, trucks, or SUVs, but prefer not pay a large down payment every 3-4 years, and also don’t travel an excessive amount yearly, then a new car lease could be better for you. Leasing is best for those who prefer to bypass the hassle of buying and selling every time they want to get into a new car or truck.
On the other hand, if you prefer long term automotive relationships with a larger sense of commitment and ownership, then buying may be what’s best for you. Car-buying is typically best for consumers who will not mind driving the same car, truck, or SUV for over five years or even until it’s no longer fit for the freeway.
Being aware of the pros, cons, and overall benefits of leasing vs buying a car is critical. Be sure to acknowledge factors such as vehicle ownership, monthly payments, repair costs, and potential savings when weighing the pros and cons of the best new car, truck or SUV financing type for you.
When it comes to vehicle financing, new vehicle ownership absolutely comes with many well-known advantages, most associated with complete ownership of the car, truck or SUV. You may not realize, however, there are also a few great advantages to leasing, as well. It’s important to consider all financial aspects including interest rate, down payment, monthly payments, term length, buyout payments, depreciation, and maintenance & repair costs, before making a decision. A thorough examination of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the perfect choice between leasing and buying a new car, truck, or SUV.
Vehicle lease payments are oftentimes less expensive when compared to car financing and loan payments as the standard lease layout is basically renting with the option to buy out at the final payment of your lease term. Just consider when leasing that you’re going to need a good credit score, and will be required to carry comprehensive and collision insurance, although the same can be said for the lowest rate auto loans. Though it can add to your monthly payments, it is also better to choose a model with the features you need or want, as personal satisfaction is often priceless.
Auto leasing often includes regular vehicle maintenance & repair. It is important to keep this in mind when projecting monthly costs of leasing vs ownership. No matter which make and model you buy, mechanic bills are an uncertain cost that can rapidly add up. And for those who are not certified mechanics with a hydraulic jack and full toolset in the garage, leasing might be the best option for peace of mind.
Generally speaking, a new car lease saves money in the short term with lower monthly payments, while buying earns you a long term investment, meaning full ownership of the value of the car, truck, or SUV at the time it is traded, sold, or paid-off. For best value 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 financed/purchased vehicle, you can pay it off quickly and also avoid excessive wear and mileage.
|Pre-Owned Vehicles||Not Available||Available|
|Vehicle Customization||Not Available||Available|
|Poor Credit Financing||Not Available||Available|
|Ownership||No Ownership||Pride of Ownership|
|Down Payment||Smaller Down Payment||Larger Down Payment|
|Monthly Payment||Smaller Monthly Payments||Larger Monthly Payments|
|Savings/Investment||Short Term Savings||Long Term Investment|
|Finance Term||Approx. 2-4 Years||Approx. 3-6 Years|
|Maintenance & Repair Costs||Typically Included||Not Included|
Advantage BMW Midtown 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 in Houston, TX. We look forward to serving you.
Robert Garcia is one of the best! Always takes care of my wife and I and with extreme professionalism
Professional, prompt and first rate service. Always a great experience.
Great experience from start to finish. Will recommend to family and friends..My new home for service.
My adviser, Delon @Advantage BMW MID-TOWN makes getting my car serviced seamless!
David Marti was an amazing service manager.. very professional and easy to converse.. this was a very pleasant experience