Should I Buy or Lease My New Lexus in Mobile, AL?

Here at Lexus of Mobile, we understand that no matter if you’re planning on buying or leasing a new vehicle, it’s a big decision nonetheless. That’s why we’ve created a straightforward chart that highlights the pros and cons of each option. Our team is committed to making the process as seamless as possible in order for you to swiftly buckle up in your new ride. We even provide an online pre-approval application and a payment calculator so that you can jumpstart the car-buying process from the comfort of your home. Ready to get behind the wheel of automotive elegance? Continue reading to find out whether you should purchase or lease a new Lexus.

But what’s the real difference between a Subaru CPO vehicle and the rest of the models in our used inventory? Check out the graph below.

How Do Car Loans and Leases Differ?

	Loan	Lease
Path to Ownership
Upfront Costs	Cash price or a down payment, taxes, registration, and other fees.	First month’s payment, refundable security deposit, acquisition fee, down payment, taxes, registration, and other fees.
Lower Monthly Payments
Customization Allowed
Covered Under Warranty
Future Value	All vehicles depreciate, but you’ll have equity when trading or selling.	The future value doesn’t affect you.
Unlimited Mileage
Fees for Excessive Wear and Tear
Fees for Early Termination
End of Term	You’ll have full equity to do what you want with the car.	Purchase the vehicle, or buy or lease another car.
Vehicle Return	Sell or trade.	Return the vehicle at lease-end and pay any applicable fees.

Why Purchase a New Lexus?

Purchasing a new Lexus is the perfect option for those looking to fully own their next ride. After you pay off your car, you can quite literally do whatever you want with it. After taking care of your ride and building up equity with timely monthly payments, the vehicle is yours to keep or you could trade it in if you’re interested in an even better upgrade. Trading in your ride will likely reduce costs significantly for your next purchase. Another plus to buying your car is there are no fees or mileage limitations to consider. The world is your oyster when it comes to customization options for your Lexus — add an upgraded audio system, exterior accessories and more. While all of these are great pros to purchasing your Lexus, you still should consider the cons, such as higher monthly payments, the credit approval process and down payment requirements. However, we’re positive that you’ll benefit the most from owning your ride in the long run.

Why Lease a New Lexus?

The consistent rise in new car prices makes leasing a more attractive option for many people, especially since the upward trajectory is not faltering. Leasing a new Lexus allows you to experience lower monthly payments than if you were to purchase the vehicle outright. Additionally, you’ll get to drive your new ride during the most hassle-free years of its lifespan. Typically, lease terms come to a close when the vehicle’s limited warranty ends, so car maintenance is less of a stressor. Once your lease term is up, you’ll return the model to the dealership and have the opportunity to either purchase it or pay any lingering fees and choose a new vehicle to lease. Just like with purchasing a car, there are some cons to leasing, as well. Keep in mind that there will be mileage limitations, no customization allowed and additional fees for any potential wear and tear and early termination.

If you’re ready to be the proud owner or lessee of one of our new models, feel free to contact us or visit Lexus of Mobile at 3024 Government Blvd, Mobile, AL 36606. We look forward to serving customers near the Gulf Coast, Daphne and Spanish Fort.

*Visit Consumer Reports’ page for more information on whether you should buy or lease.