New Car Leasing vs Buying

Why Should You Lease a New Car?

If you prefer to drive newer, safer, more reliable vehicles, not commit to a considerable down payment every 3-4 years, and also do not travel an exorbitant amount of miles every year, then a new car lease should be the right choice for you. Leasing is best for people who prefer to avert the hassle of buying and selling every time they want to get into a new vehicle.

Why Should You Buy a New Car?

Conversely, if you want long term relationships with a higher sense of commitment and ownership, then buying might be what's right for you. Car-buying is typically best for those who won't mind driving the same car, truck, or SUV for more than five years or even until the vehicle is no longer suited for the street.

Lease vs Buy: Which One Is Right for You?

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

Buying: Ownership vs Leasing

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

leasing vs financing a new car pros and cons

Monthly Payments

Car, truck, or SUV lease payments are often less expensive compared to auto loan and car financing payments as the standard lease deal is pretty much renting with the option to purchase at the final payment of your lease term. Remember when leasing that you'll need a decent credit score, and will be required to carry collision and comprehensive insurance, although the same can be said for the lowest rate auto loans. Though it might likely increase monthly payments, it is also better to get a model with the features you want or need, as personal satisfaction is often priceless.

more expensive to finance or lease a new car

Maintenance & Repair

Auto leases often include regular vehicle maintenance & repair. It is important to keep this in mind when calculating monthly costs of leasing vs ownership. Regardless of which make and model you buy, mechanic bills are an unknown cost that can quickly add up. And for those who are not certified auto mechanics with a full toolset and hydraulic jack in the garage, leasing might be the best option for peace of mind.

analysis of lease vs finance a car

Peace of Mind

Generally speaking, a new car or truck lease saves money in the short term with more affordable monthly payments, while buying earns you a long term investment, meaning full ownership of the value of the car or truck 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 purchased/financed vehicle, you can pay it off quickly and also avoid excessive wear and mileage.

 
LeaseBuy
Maintenance & Repair CostsTypically IncludedNot Included
Down PaymentSmaller Down PaymentLarger Down Payment
Monthly PaymentSmaller Monthly PaymentsLarger Monthly Payments
OwnershipNo OwnershipPride of Ownership
APR %Credit-BasedCredit-Based
Finance TermApprox. 2-4 YearsApprox. 3-6 Years
Savings/InvestmentShort Term SavingsLong Term Investment
Vehicle CustomizationNot AvailableAvailable
Pre-Owned VehiclesNot AvailableAvailable
Poor Credit FinancingNot AvailableAvailable
New VehiclesAvailableAvailable

MINI Lease and Finance Offers In Albuquerque NM

Sandia MINI knows that choosing the right MINI car and financing option is never easy. Our team of experienced MINI lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in Albuquerque, NM. We look forward to serving you.