If you want to drive newer, safer, more reliable cars, but not make a considerable down payment every 3-4 years, and also don’t drive an excessive amount of miles every year, then a new car lease could be the right choice for you. Leasing is designed for people who would prefer to avoid the hassle of selling and buying every time they want to drive a new vehicle.
Contrarily, if you want long term automotive relationships with a larger sense of commitment and ownership, then buying could be what’s better for you. Car-buying is typically best for consumers who do not mind driving the same vehicle for more than five years or even until the vehicle is no longer suited for the street.
Knowing the pros, cons, and overall benefits of leasing vs buying a car is important. 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.
When considering vehicle financing, new vehicle ownership absolutely comes along with many well-known advantages, most associated with entire ownership of the vehicle. You may not realize, however, there are also some nice advantages to leasing, as well. It’s essential to consider all financial aspects including down payment, monthly payments, term length, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A close study of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the optimal choice between leasing and buying a new car.
Car lease payments are often times less expensive when compared to car financing and loan payments as the typical lease deal is more-or-less renting with the option to purchase at the final payment of your lease term. Remember when leasing that you’re going to need a nice credit score, and will be asked to carry collision and comprehensive insurance, though the same can be said for the better rate auto loans. Although it may add to monthly payments, it’s also best to choose a model with the features you want or need, as personal satisfaction is often priceless.
Auto leasing often includes regular vehicle maintenance & repair. It is important to remember this when calculating monthly costs of ownership vs leasing. Regardless of which make and model you select, mechanic bills are an unknown cost that can rapidly add up. And for those of us who are not certified mechanics with a full toolset and hydraulic jack in the garage, leasing is likely the best option for peace of mind.
Generally speaking, a new car lease saves money in the short term with lower monthly payments, while buying gets you a long term investment, meaning absolute ownership of the value of the car, truck, or SUV 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 maximum investment on a financed/purchased vehicle, you can pay it off quickly and also avoid excessive wear and mileage.
| Lease | Buy | |
| Ownership | No Ownership | Pride of Ownership |
| Down Payment | Smaller Down Payment | Larger Down Payment |
| Monthly Payment | Smaller Monthly Payments | Larger Monthly Payments |
| Maintenance & Repair Costs | Typically Included | Not Included |
| Savings/Investment | Short Term Savings | Long Term Investment |
| Finance Term | Approx. 2-4 Years | Approx. 3-6 Years |
| APR % | Credit-Based | Credit-Based |
| New Vehicles | Available | Available |
| Pre-Owned Vehicles | Not Available | Available |
| Vehicle Customization | Not Available | Available |
| Poor Credit Financing | Not Available | Available |
MINI of Clear Lake 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 near Houston, TX. We look forward to serving you.
(281) 557-7177
Call Now15943 Gulf Freeway • Webster, TX 77598
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Open Today! Service: 7am-6pm
Open Today! Parts: 7am-6pm
