Should I Buy or Lease?

Are you debating leasing vs. buying your next Mont Belvieu ride? Whether you’re considering a new or certified pre-owned vehicle, you might ask, “Should I buy or lease a car?” Considering this is a major decision, you want to compare leasing and buying a car.

At BMW of Beaumont, we know that car buying is a time-consuming process, and that’s why we’re putting together pieces on multiple auto topics. In the following guide, we’ll answer “Should I buy or lease a car?” and more. You can always call 409-515-7289 to speak to one of our staff when you’re debating leasing vs. buying.

Comparing Leasing vs. Buying a Vehicle

“Should I buy or lease my next car?” Leasing a vehicle in Port Arthur is similar to renting a car for a long-term contract. During this period, you will be locked into consistent monthly payments. You won’t be able to build equity as you would from outright buying the vehicle.

When you compare leasing and buying a car, you will be paying for the ability to use a car for a specific amount of time under the lease terms. As your car lease ends, you can trade your vehicle in and replace one leased vehicle with a new one, buy your current vehicle, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You will have smaller down payments when you lease a vehicle near Lumberton.
• Worry-Free Maintenance: Many vehicles have a three-year lease. As a result, most repairs need to be covered within the terms of an existing lease.
• No Resale Worries: When you lease your vehicle, you can simply return it. If you exceed the agreed mileage, or there’s wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your vehicle every few years, meaning you’ll get the latest vehicles and newest tech.

Cons: 

• Mileage Requirements: Exceeding the agreed-upon mileage means you will pay some fees.
• Constant Monthly Payments: You must maintain those monthly payments consistently during the lease period.

Pros and Cons of Buying a Car

Pros:

• Ownership: You will always purchase the vehicle outright and once you finish your monthly payment, you own the model. If you plan to sell it off or trade it in, you can do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your BMW vehicle in Beaumont. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other auto issues. Repairs and other services are entirely at your discretion. 

Cons:

• Higher Monthly Payments: Leasing a vehicle means lower monthly payments for the same model you want.
• Rapid Depreciation: New vehicles lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you want to get approved for a loan, you may have to make a larger down payment. Leasing your vehicle means less chance of this happening. 

Buy or Lease Your Next Vehicle with BMW of Beaumont

After we compare leasing and buying a car, the question becomes “Should I buy or lease a car?” That decision is entirely up to you, and the BMW of Beaumont finance team is here to help.

You can start the process by applying for financing in our online portal. Don’t forget to check out our new vehicle specials and see how much you can save. Experience a great selection of vehicles near Port Arthur with BMW of Beaumont!