Should I Buy or Lease?
So, you’ve already made a great choice by selecting a new BMW. However, you may still be wondering whether buying or leasing is a better fit for your driving needs and budget. A common question we hear at our finance department is, “Should I buy or lease?” Because there is no “one size fits all” answer, we have happily provided this guide below.
While one option is not ‘better’ than the other, one may be better suited to your unique situation. Keep the following information in mind before you make a financial decision.
Leasing vs. Buying: Cost
- Typically, you can expect lower monthly payments when you lease in addition to lower taxes and a lower down payment. However, if you start a new lease every couple of years, your payments will remain pretty consistent. An added bonus is that you do not have to worry about rising service or repair costs over time.
- Over time, you can eliminate monthly car payments when you finance. Drivers who pay off their financed car can end up spending much less than a driver who continues to lease each time his or her contract comes to an end. However, repair costs tend to go up as the car ages.
Leasing vs. Buying: Total Ownership and Customization
- Financing gives you the freedom to customize your vehicle as you see fit. You can modify its performance features, change the color, upgrade the sound system, and more.
- If you choose to lease, keeping the vehicle as close to factory condition as possible is required. The dealership still owns the vehicle, and when you return in, it will be resold.
Leasing vs. Buying: Mileage & Restrictions
- If you finance, there is no need to worry about mileage restrictions or penalties. You are free to drive as much as you want in Miami and beyond.
- When you lease, you pay less each month for your vehicle, but you must adhere to set mileage limits. If you don’t, you will have to pay a penalty.
Enjoy Hassle-Free Auto Financing at Lauderdale BMW of Pembroke Pines
If you have selected the financing method that suits your needs best, you can get started today by completing our online application. If you still have questions, you can contact us at your convenience or visit us in person. We are just a short drive from Fort Lauderdale.