Leasing vs Buying a New Acura Car or SUV in OKC

Lease or Buy Acura Car SUV in Oklahoma City

Deciding Whether to Buy or Lease Your New Acura

Bob Howard Acura is excited to welcome you to the family. Before you get comfortable behind the wheel of one of our exciting models, there are some details to iron out first. It’s time to decide between buying or leasing your new vehicle. This needs to be scrutinized down to the very last detail, as the options can be complicated, and we want to help get you into the driver’s seat of your perfect Acura.

Buying and Leasing are two entirely separate approaches to obtaining your new car. Finances are unique to each buyer, and this must be carefully thought about before making the decision relating to your investment.

LEASING BUYING
Up-Front Down payment is typically less with leasing than buying. Down payment can be rolled into the total cost or used to significantly reduce your monthly payment.
Ownership While you don’t own it, you can easily upgrade to the newest model when the lease is over. You own it. If financed, when loan is paid off it is yours. Yes!
Monthly Payment Lease payments are generally smaller than auto financing with a loan. This is because you are only paying for vehicle depreciation and ‘rent’ fees during term of the lease. Loan payments are generally higher than leasing. This is because you are paying off the full price of the vehicle.
Mileage Mileage limits. Your lease includes a standard amount of miles related to vehicle depreciation. Fees are incurred for extra miles accrued. Repair costs. As the vehicle owner, unless you opted in for a service package at time of purchase, you are responsible for maintenance, service & repair of your new vehicle.
Repair Warranty Maintenance. Most auto lease packages come with a warranty, this covers most maintenance and repair costs. Repair costs. As the vehicle owner, unless you opted in for a service package at time of purchase, you are responsible for maintenance, service & repair of your new vehicle.
Contract Contract. Yes, a lease is a contract. Expect early termination costs and fees. Also, vehicle customization is not allowed. No Contract. Sell when you want. Customize to your hearts content.

 

How long do you typically own a vehicle?

Think about this question in terms of years.

  • 1-3 years
  • 3-5 years
  • 6+ years

Look at your ownership history and consider that changes in finances and your personal situation will affect your practices moving forward.  Many consumers purchase vehicles for leisure; others may be used to pick the kids up from school or commute to work, and so on. These functional options tend to rack up the most miles. Think about where your new Acura fits in the big picture.

Typical mileage habits.

On average, how many miles a year do you generally drive?

  • Less than 15,000
  • 16-30,000
  • More than 30,000

Think about the future of your vehicle – will your driving routines be the same in five years as they are now? Throughout our lives, where, when and how we drive is constantly evolving. Families grow and change, or we may even be adding additional drivers to the registration. All of this must be taken into consideration when deciding between Acura leasing or buying, so take stock before you put our financial plans above the competition.

Which method do you normally use when upgrading to a new car?

  • Trade in my existing vehicle for a new one.
  • Sell my existing vehicle before I buy a new one.
  • Keep my vehicle once I have paid it off.

Financially speaking, we all have different preferences and reasons for updating our vehicles. Are you leaning more towards frequently advancing to the latest model, or are you more into building your own automobile collection? Perhaps you have a family member ready to take the wheel and they need their first car. Indeed, you may have even grown fond of your current vehicle and have the financial means to add to your automotive family. Whatever your situation, plan accordingly.

How did you acquire your existing vehicle?

  • Lease
  • Finance
  • Cash

If you aren’t entirely happy with how your current payment method or plan worked out, maybe it’s time to make a change. On the other hand, you may be perfectly happy with how things have been going. Make this analysis before completing your Acura lease deal.

When you become an Acura driver, are there any alterations you might make?

Whether you’ve just signed up for the everyman TLX, or selected the new luxury SUV Acura RDX, think about ways you may plan to physically alter your vehicle. If you’ve decided to lease your Acura, it will typically need to remain in factory condition. One reason you may want to buy is that you plan to make slight modifications or even completely customize your vehicle. If you choose to do this, you may violate the terms of your lease agreement. Speak with your dealer to ensure that you know exactly what you’re signing up for.

How important do you consider maintaining your vehicle’s warranty to be?

If you have owned vehicles in the past or currently have a vehicle warranty, do you typically:

  • Replace your vehicle before its factory warranty expires.
  • Have a full inspection done on your vehicle before its factory warranty expires.
  • Ignore if your car is under warranty or not.

How you handle your warranty and its restrictions can greatly affect the re-sale or trade-in value, and even if you qualify for new leases.

Making a plan for servicing your vehicle.

Your Acura is a finely-tuned machine, and ideally you will be able to patronize an authorized manufacturer or dealer service center. Depending on the terms of your lease, if your vehicle is worked on by anyone other than an ASE Certified Acura technician, you may be voiding your contract. Whether you perform the maintenance yourself or take it into your local service center, when leasing you must review the terms carefully to confirm any allowances. Ensuring that you adhere to the stipulations of that contract dictates if you can continue to lease, or if you might consider becoming a full-on buyer.

Take a moment to look at our Acura Finance page to answer any further questions you may have regarding the specifics of your choice. Make sure you consider each option carefully.

Of course, if you have any further questions, our leasing experts at Bob Howard Acura are ready to provide you with all of the answers you need to make an informed decision. So, shop us online or give us a call and let us help you experience Precision Crafted Performance® at Bob Howard Acura.

Should I Buy or Lease a New Acura Car/SUV in Oklahoma City? | Bob Howard Acura