If you want to drive newer, safer, more reliable vehicles, prefer not to pay a considerable down payment every few years, and also don’t drive an exorbitant amount every year, then a new car lease may be best for you. Leasing is better for people who would prefer to avoid the annoyance of buying and selling every time they want to drive a new vehicle.
On the other hand, if you want long term automotive relationships with a larger sense of ownership and commitment, then buying should be what’s ideal for you. Car-buying is typically best for consumers who won’t mind driving the same car or truck for over five years or even until the vehicle is no longer suited for the highway.
Knowing the pros, cons, and overall benefits of buying vs leasing a car or truck is imperative. Be sure to look at monthly payments, vehicle ownership, repair costs, and potential savings when weighing the pros and cons of the best new vehicle financing type for you.
When considering vehicle financing, new vehicle ownership certainly comes along with many advantages, most associated with entire ownership of the car, truck or SUV. You may not realize, but, there are also a few great upsides of leasing, as well. It’s important to consider all financial aspects including monthly payments, down payment, term length, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A thorough audit of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the perfect choice between leasing and buying a new car.
Car or truck lease payments are oftentimes less expensive compared to auto loan and car financing payments as the standard lease deal is pretty much renting with the option to buy out near the end of your lease term. Consider when leasing that you’ll need a nice credit score, and will be required to carry comprehensive and collision insurance, although the same can be said for the best rate auto loans. Although it may likely add to your monthly payments, it is also best to select a model with the features you want or need, as personal satisfaction is often priceless.
Auto leasing often includes regular vehicle maintenance & repair. It’s important to remember this when calculating monthly costs of ownership vs leasing. Regardless of which make and model you buy, mechanic bills are an unknown cost that can rapidly add up. And for those of us who are not certified auto 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 vehicle lease saves money in the short term with more affordable monthly payments, while buying gets you a long term investment, meaning outright ownership of the value of the car, truck, or SUV at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For maximum investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
|Maintenance & Repair Costs||Typically Included||Not Included|
|Down Payment||Smaller Down Payment||Larger Down Payment|
|Monthly Payment||Smaller Monthly Payments||Larger Monthly Payments|
|Ownership||No Ownership||Pride of Ownership|
|Finance Term||Approx. 2-4 Years||Approx. 3-6 Years|
|Savings/Investment||Short Term Savings||Long Term Investment|
|Vehicle Customization||Not Available||Available|
|Pre-Owned Vehicles||Not Available||Available|
|Poor Credit Financing||Not Available||Available|
BMW of Beaumont knows that choosing the right BMW car and financing option is never easy. Our team of experienced BMW 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 in Beaumont, TX. We look forward to serving you.
They provide best services. Kiera is best service advisor and will always do her best to leave you satisfied. I never took my car back for same problem once they fix it. It’s been 4 years for me I take my vehicle to them
Always exceptional service! I will be back to BMW of Beaumont to purchase my next vehicle. Great experience always a smooth process. 10/10 would recommend.
Everytime I call or go in for service, Taylor is always helpful and explains everything. I recommend using Taylor for any BMW service issues from maintenance to tires.
Awesome experience. Great service, they went over everything the car needed for future maintenance. Washed and vacuumed. Would recommend this dealership for service or if you were looking to buy your next BMW.
Taylor was a great service advisor and really helpful and I Will be coming back again.