Should I Buy or Lease? | Mobile AL
Did you know there are advantages to both purchasing and leasing a new car? But what exactly is the difference between the two? One might be a better option for you fiscally. At Lexus of Mobile, we understand that buying or leasing is a big decision, so we’ve researched and collected the pros and cons of each to help you decide. If you have further questions, our finance team is ready with answers. Keep reading to learn more about the advantages of buying or leasing your next new Lexus.
Why Purchase a Vehicle?
Ownership, on the flip side, is a big benefit. Once you’ve paid off your vehicle, it’s yours to sell, trade, or keep for years to come. You have the freedom to keep your new car as long as you want. Plus, you have the option and ability to customize your car to match your lifestyle. Owning is a win-win investment that leasing can’t offer.
While most finance terms require some form of down payment, buying may be more fiscally responsible in the long term. Firstly, you have more financing options than leasing, and you can choose to purchase the vehicle in full with cash or finance through us here at Lexus of Mobile. Once you’ve completed your monthly payments, that money is secured when you keep your vehicle, like a good return on an investment. When leasing, that money is lost when you return the car to the dealer.
No Mileage Restrictions
When you’ve finished your payments when buying, you’re the boss. That means no mileage restrictions (and fees if you go over) or needed permission to leave the country with your vehicle like leasing would require. Ownership means autonomy from lenders, and the satisfaction of independence.
Why Lease a Vehicle?
Minimal Upfront Cost
When you lease a new vehicle, you are essentially agreeing to make monthly payments with the knowledge that you will return the vehicle to the dealership at the end of your agreed lease period. Leasing is basically renting for a set period of time, so your financial responsibility and monthly payments may be lower. Plus, with our new car specials, we offer leasing options that require no money down to start your contract. Upfront costs to leasing can be little to none.
Generally, lease periods range from 24-60 months, allowing you to make affordable payments with shorter terms. Lessees are given between 12,000-15,000 miles per year, but you can purchase more miles at signing if needed. When leasing, you have the ability to drive a new vehicle every few years without the hassle of trading or selling, while still maintaining the option to buy your Lexus at lease-end.
Since most lease periods last between two or three years, your new Lexus could still be covered under its warranty for the duration that you drive it. You also have the option to purchase Excess Wear and Tear plans, which would waive the cost of everyday dents and scratches. The burden of an owner’s financial responsibilities does not apply to lessees.
If you’re ready to be the proud owner or lessee of one of our new models, or are interested in learning more about your lease-end options, feel free to contact us online or visit us at 3024 Government Blvd, Mobile, AL 36606. We look forward to serving customers from Gulf Coast, Daphne and Spanish Fort.