If you want to drive newer, safer, more reliable cars, trucks, or SUVs, but not make a considerable down payment every few years, and also don’t travel an excessive amount every year, then a new car lease should be right for you. Leasing is ideal for people who prefer to avoid the annoyance of selling and buying every time they want to upgrade to a new car, truck, or SUV.
Contrarily, if you prefer long term relationships with a greater sense of commitment and ownership, then buying could be what’s best for you. Car-buying is typically best for drivers who won’t mind driving the same vehicle for over five years or even until the vehicle is no longer suited for the street.
Knowing the pros, cons, and overall benefits of buying vs leasing a car or truck is important. Be sure to acknowledge factors such as vehicle ownership, monthly payments, repair costs, and potential savings when weighing the pros and cons of the best new car or truck financing type for you.
When considering vehicle financing, new vehicle ownership surely comes with many well-known advantages, most associated with entire ownership of the car or truck. You may not realize, but, there are also a few great 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 thorough diagnosis 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 less expensive compared to auto loan and car financing payments as the standard lease deal is basically renting with the option to purchase near the end of your lease term. Keep in mind when leasing that you’ll need a good credit score, and will be required to carry collision and comprehensive insurance, though the same can be said for the best rate auto loans. Although it could increase your monthly payments, it is also better to select a model with the features you want or need, as personal satisfaction is often priceless.
Auto leases often include regular vehicle maintenance & repair. It is important to remember this when projecting monthly costs of ownership vs leasing. Regardless of what make and model you choose, mechanic bills are an unpredictable cost that can quickly 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 or truck lease saves money in the short term with more affordable monthly payments, while buying gets you a long term investment, meaning full ownership of the value of the car 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 your best investment on a purchased/financed vehicle, you can pay it off quickly and also avoid excessive wear and mileage.
| Lease | Buy | |
| New Vehicles | Available | Available |
| Pre-Owned Vehicles | Not Available | Available |
| Vehicle Customization | Not Available | Available |
| Poor Credit Financing | Not Available | Available |
| APR % | Credit-Based | Credit-Based |
| Ownership | No Ownership | Pride of Ownership |
| Down Payment | Smaller Down Payment | Larger Down Payment |
| Monthly Payment | Smaller Monthly Payments | Larger Monthly Payments |
| Savings/Investment | Short Term Savings | Long Term Investment |
| Finance Term | Approx. 2-4 Years | Approx. 3-6 Years |
| Maintenance & Repair Costs | Typically Included | Not Included |
Land Rover Albuquerque knows that choosing the right Land Rover car and financing option is never easy. Our team of experienced Land Rover 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.
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(505) 797-3600
Call Now5010 Alameda Blvd NE • Albuquerque, NM 87113
Get DirectionsOpen Today! Sales: 8am-6pm
Open Today! Service: 7:30am-6pm
Open Today! Parts: 7:30am-6pm
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