If you like to drive newer, safer, more reliable cars, but prefer not commit to a big down payment every 3-4 years, and also do not travel an enormous amount yearly, then a new car lease should be better for you. Leasing is ideal for those who would prefer to avert the annoyance of selling and buying every time they want to drive a new vehicle.
Contrarily, if you prefer long term relationships with a larger sense of commitment and ownership, then buying might be what’s right for you. Car-buying is typically best for drivers who don’t mind driving the same vehicle for more than five years or even until it is no longer fit for the road.
Being aware of the pros, cons, and overall benefits of leasing vs buying a car, truck, or SUV is important. Be sure to consider repair costs, vehicle ownership, monthly payments, and potential savings when weighing the pros and cons of the best new car financing type for you.
When considering vehicle financing, new car, truck, or SUV ownership absolutely comes with many well-known advantages, most associated with entire ownership of the car. You may not realize, however, there are also a few nice upsides of leasing, as well. It’s imperative to consider all financial aspects including buyout payments, down payment, monthly payments, term length, interest rate, depreciation, and maintenance & repair costs, before making a decision. A close checkup of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the ideal choice between leasing and buying a new car.
Car lease payments are often less expensive compared to auto loan and car financing payments as the standard lease contract is more-or-less renting with the option to purchase at the end of your lease term. Keep in mind when leasing that you’ll need a good credit score, and will be asked to carry collision and comprehensive insurance, although the same can be said for the lower rate auto loans. Though it might likely add to your monthly payments, it is also smart to select a model with the features you need or want, 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 leasing vs ownership. No matter which make and model you choose, mechanic bills are an unpredictable cost that can rapidly add up. And for those of us who aren’t certified mechanics with a full toolset and hydraulic jack in the garage, leasing is likely the best option for peace of mind.
In general, a new car, truck, or SUV lease saves money in the short term with more affordable monthly payments, while buying earns you a long term investment, meaning absolute ownership of the value of the car or truck 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 your best investment on a purchased/financed 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|
Jaguar Albuquerque knows that choosing the right Jaguar car and financing option is never easy. Our team of experienced Jaguar 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 Albuquerque, NM. We look forward to serving you.
Scheduling the appt was quick and efficient. The service was performed in the time prescribed. Andrew was very friendly and great to deal with. The car wash was a very nice touch!
They were very helpful and tried their best to help me out in anyway they could to help repair my vehicle and get me back on the road. Thank you!
Car needed a small repair seem to get the part rather quickly got the car back two days.. Great customer service, speedy repair overall experience very happy with them 100 percent.
Brought my car in for a routine service. They always tell me what to expect and will quickly inform me if something unexpected occurs. I was offered a courtesy ride home to wait for the car to be finished. I received a clean serviced car and only professional treatment. Jaguar has offered quality service to me since inception in 2013.
Jon Faas takes excellent care of us. He is always very professional and responsive. He is the reason we continue to do business with this dealership.