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If you like to drive newer, safer, more reliable cars, but prefer not commit to a large down payment every 3-4 years, and also don’t drive an enormous amount of miles annually, then a new car lease could be the right choice for you. Leasing is ideal for those who would prefer to escape the annoyance of selling and buying each time they want to get into a new car or truck.
Contrarily, if you prefer long term relationships with a greater sense of commitment and ownership, then buying may be what’s better for you. Car-buying is typically best for consumers who don’t mind driving the same vehicle for more than five years or even until it is no longer suited for the street.
Being aware of the pros, cons, and overall benefits of buying vs leasing a car, truck, or SUV is critical. Be sure to contemplate potential savings, vehicle ownership, monthly payments, and repair costs when weighing the pros and cons of the best new vehicle financing type for you.
When considering vehicle financing, new vehicle ownership surely comes with many advantages, most associated with complete ownership of the car. You may not be aware, however, there are also some 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 careful inspection of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the best choice between leasing and buying a new car.
Vehicle lease payments are often less expensive than car financing and loan payments as the typical lease contract is pretty much renting with the option to purchase near the final payment of your lease term. Keep in mind when leasing that you’ll need a decent credit score, and will be required to carry comprehensive and collision insurance, though the same can be said for the better rate auto loans. Though it might add to monthly payments, it is also smart 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’s important to remember this when calculating monthly costs of leasing vs ownership. No matter what make and model you choose, mechanic bills are an unpredictable cost that can quickly add up. And for those who aren’t certified auto mechanics with a full toolset and hydraulic jack in the garage, leasing may be the best option for peace of mind.
In general, a new car lease saves money in the short term with more affordable monthly payments, while buying gets you a long term investment, meaning absolute 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 maximum investment on a purchased/financed vehicle, you can pay it off quickly 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|
Lexus of Albuquerque knows that choosing the right Lexus car and financing option is never easy. Our team of experienced Lexus lease and finance specialists 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.
Great customer service. I inquired about a car and Frank went to pick it up that night. The next day, I test drove and purchased the car. Frank was excellent and made it an easy process. I highly recommend Lexus of Albuquerque and Frank if you need a new or used car.
I was in the market for a new vehicle and had been researching Lexus for a good period of time but wanted to physically go and see the vehicles and test drive them. I was so pleasantly surprised at what a wonderful experience i had with the Lexus team here in Albuquerque, NM.The person had the opportunity to work with was Isaiah Polansky. From the time i arrived, he was incredibly polite, knowledgeable and no pressure. He was very helpful and answered all of our questions. He was very transparent and i appreciated his approach and demeanor. In return ...
Many thanks to the best service ever! We stopped in this morning for an urgent fix on our daughters Lexus in the middle of a 36 hour drive from MN to San Diego to get her home. The service from the desk to the manager to the sooo kind tech was extraordinary! They had us in and out in no time! Thank you! Definitely would come here again if in the area!
I am very pleased with this dealership. If you need a mechanic for any sort of car problems I definitely recommend asking for Michaela. She has done all of the service on and got me a good deal on my car and she puts forth the best effort she can. The rest of the staff members are also very polite and respectful. If you need car help, this is definitely the place to go!
We went to a lot of dealerships during our car hunt and this one was notably better. We thoroughly enjoyed working with Joe Ramirez. He was refreshingly patient and made the whole process less stressful. Overall, it was an excellent car buying experience.