Lease vs Buy

Why Lease a New Car?

If you want to drive newer, safer, more reliable cars, trucks, or SUVs, but not pay a big down payment every 3-4 years, and also do not drive an excessive amount of miles annually, then a new car lease might be better for you. Leasing is best for people who prefer to bypass the annoyance of buying and selling each time they want to drive a new car or truck.

Why Buy a New Car?

On the other hand, if you prefer long term automotive relationships with a greater sense of ownership and commitment, then buying could be what's best for you. Car-buying is typically best for drivers who don't mind driving the same car or truck for over five years or even until it is no longer suited for the highway.

Leasing vs Buying: Which One Is Right for You?

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

Leasing vs Buying: Ownership

When it comes to vehicle financing, new car, truck, or SUV ownership certainly comes along with many well-known advantages, most associated with outright ownership of the car, truck or SUV. You may not be aware, but, there are also some great advantages to leasing, as well. It's important 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 close 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 or truck.

benefits of leasing vs buying a new car

Monthly Payments

Car or truck lease payments are often times less expensive than auto loan and car financing payments as the standard lease layout is pretty much renting with the option to purchase near the end of your lease term. Consider when leasing that you'll need a good credit score, and will be asked to carry comprehensive and collision insurance, although the same can be said for the lowest rate auto loans. Although it could add to monthly payments, it is also smart to select a model with the features you want or need, as personal satisfaction is often priceless.

why leasing a car is smart

Maintenance & Repair

Auto leases often include regular vehicle maintenance & repair. It's important to keep this in mind when calculating monthly costs of ownership vs leasing. No matter which make and model you buy, mechanic bills are an unpredictable cost that can quickly add up. And for those who are not certified auto mechanics with a hydraulic jack and full toolset in the garage, leasing could be the best option for peace of mind.

analysis of lease vs buy a car

Repair & Maintenance

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

Santa Fe 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 Santa Fe, NM. We look forward to serving you.