Should I Lease or Buy a New Car?

2022 Mitsubishi Outlander Dashboard

 

So you’ve decided on taking home a new vehicle from Bell Road Mitsubishi, but you don’t know whether you should lease or buy a new car, and which one fits your needs better? Leasing vs buying is one of the most common questions that Glendale drivers bring up to our finance department, and so we’re here to show you all of the basics and make the process easy to understand. So find out the difference between leasing vs. buying below, and then contact us with any questions that you might still have about the process.

Leasing vs. Buying: Long and Short-Term Costs

  • Leasing offers lower monthly payments off the bat, all other things being equal. You’ll also owe less in taxes and on the down payment; however, if you start a new lease every few years, your payments won’t change much over the years. The upside to this of course, is you won’t have to worry about escalating service or repair costs.
  • Financing gives you a chance to eliminate your monthly payment entirely, and buying used is often more affordable than leasing new. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease, but repair costs tend to grow as a vehicle ages. 

Most Peoria drivers keep their vehicles for an average of three years, and just about everyone wants to make sure that they have the latest features. If you share these goals, you’ll most likely find leasing to be the preferable option. This is one of the most vital things to ask about when you are considering whether you should lease or buy a new or used vehicle. 

Leasing vs. Buying: Mileage & Restrictions

  • Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.
  • Those who lease their vehicles will have to stay within certain strict boundaries, or pay a fee when their lease term comes to a close. 

Drivers who commute a short distance will find that the vast majority of leases are suitable for their needs. Meanwhile, those who love their weekenders and road trips will likely find financing to be a better fit.

Leasing vs. Buying: Total Ownership and Customization

  • When you buy a vehicle (or finance its full cost), you can add whatever accessories catch your eye. You can also modify the vehicle more extensively with custom parts or upgrades if you choose, although doing so may void your warranty.
  • When you lease, you’ll need to keep the vehicle as close to factory condition as possible. That’s because the dealership still owns the vehicle, and they’ll need to resell it after it leaves your hands.

Many Mesa drivers are interested in performance driving and vehicle customization. If that sounds like you, leasing will put obstacles in your path.

Leasing vs. Buying: Freedom, Options, & Processes

  • Financing offers flexibility. You’re locked into a contract, but you can sell or trade in the vehicle at any time (provided that the vehicle is worth more than you owe). You may also be able to refinance for a lower rate down the line. And of course, the vehicle is yours to keep for as long as you like.
  • Leasing is easy and convenient. Just take good care of the vehicle while it’s in your possession, drive it back to our lease return center at the end of your term, and drive home in a new vehicle. You might also have the option to buy out the lease and bring your leased vehicle home for good.

Enjoy More Options With Bell Road Mitsubishi Finance Department

If you’re looking forward to taking home a new vehicle at the rate that works best for you, then you can take advantage of our current leasing and financing specials for additional options. If you are planning on buying, learn more about the difference between certified pre-owned vs used with Bell Road Mitsubishi. You can apply for financing online, so that you could easily take home your favorite model today once you find it.

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