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Should I Buy or Lease a Vehicle?

Woman shaking mans hand over a car contract clipboard with car keys
 

When you are looking for a new vehicle in Collinsville, there are plenty of options at Auffenberg Mazda. You may be wondering about leasing vs. buying, which is right for you? This is a fairly common question, and it depends on your needs and driving habits. Our team at Auffenberg Mazda has put together some information about the basics. While neither option is ‘better’ than the other, one will likely be a better choice for you! Just keep the following ideas in mind before you drive into Shiloh from Edwardsville or Mascoutah.

 

Leasing vs. Buying: Costs

  • Leasing offers lower monthly payments from the start. You will also spend less on taxes and down payments. However, if you start a new lease every few years, your payments won’t change much over the years. You also won’t have to worry about escalating service or repair costs.
  • Financing gives you the opportunity to eliminate your monthly payment entirely, and buying used can be more affordable than leasing new. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease, but repair costs tend to grow as a vehicle ages.

The Bottom Line: Edwardsville drivers keep their vehicles for three years on average, and most people want to enjoy the latest features. If you share these goals, leasing will be the preferable option. If you’re set on full ownership, our finance team will help you explore your options. 

Leasing vs. Buying: Mileage & Restrictions

  • Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.
  • Those who lease their vehicles will have to stay within certain strict boundaries, or pay a fee when their lease term comes to a close. 

The Bottom Line: Those who commute a short distance will find that the vast majority of leases are suitable for their needs. Those who love their weekenders and road trips will likely find financing to be a better fit.

Leasing vs. Buying: Total Ownership and Customization

  • When you buy or finance a vehicle, you can add a variety of accessories that appeal to your function and style. You can also modify the vehicle more extensively with custom parts or upgrades if you choose.
  • When you lease, you’ll need to keep the vehicle as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it after it leaves your hands. 

The Bottom Line: Off-roading isn’t particularly popular with Mazda drivers, but many are interested in performance driving and vehicle customization. If that sounds like you, leasing will prevent the customization you hope for.

Leasing vs. Buying: Freedom, Options, & Processes

  • Financing offers flexibility. Even though you are locked into a contract, you can sell or trade in your vehicle at any time. You may also be eligible for refinancing to achieve a lower rate down the line. And ultimately, the vehicle is yours to keep for as long as you like.
  • Leasing is easy and convenient. If you know you can take good care of a vehicle, and drive it back to our lease return center at the end of your term. You might also have the option to buy out the lease and bring your leased vehicle home for good.

The Bottom Line: The simplicity of leasing is beneficial for many drivers. Yet, if you’re comfortable maintaining and reselling a vehicle, the money you get for trading in a purchased vehicle could help to offset future costs. 

Explore Leasing and Financing Options at Auffenberg Mazda

When you are ready to acquire your next vehicle in Shiloh, check out our current specials or simply apply for financing online. We’re here for you by chat, by phone, or by email, and you’re welcome to make an in-person appointment, too. Contact us online or call us at 618-624-2277 to get started! 

 

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