If you want to drive newer, safer, more reliable cars or trucks, but not commit to a big down payment every 3-4 years, and also don’t travel an excessive amount of miles every year, then a new car lease should be better for you. Leasing is better for people who prefer to avoid the hassle of buying and selling every time they want to drive a new car or truck.
Contrarily, if you prefer long term relationships with a greater sense of ownership and commitment, then buying could be what’s right for you. Car-buying is typically best for drivers who won’t mind driving the same car, truck, or SUV for over five years or even until the vehicle is no longer suited for the road.
Knowing the pros, cons, and overall benefits of leasing vs buying a car or truck is critical. Be sure to acknowledge factors such as monthly payments, vehicle ownership, repair costs, and potential savings when weighing the pros and cons of the best new car financing type for you.
When considering vehicle financing, new car or truck ownership surely comes with many advantages, most associated with entire ownership of the vehicle. You may not realize, however, there are also a few great advantages to leasing, as well. It’s essential to consider all financial aspects including interest rate, down payment, monthly payments, term length, buyout payments, depreciation, and maintenance & repair costs, before making a decision. A close checkup 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, truck, or SUV.
Vehicle lease payments are often less expensive in comparison to car financing and loan payments as the typical lease format is more-or-less renting with the option to buy out at the final payment of your lease term. Just consider when leasing that you will need a healthy credit score, and will be required to carry collision and comprehensive insurance, though the same can be said for the lower rate auto loans. Though it can increase monthly payments, it’s also better to get 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 projecting monthly costs of leasing vs ownership. No matter which make and model you select, mechanic bills are an unknown cost that can rapidly add up. And for those of us who are not certified auto mechanics with a hydraulic jack and full toolset in the garage, leasing might be the best option for peace of mind.
Generally speaking, a new vehicle lease saves money in the short term with lower monthly payments, while buying earns you a long term investment, meaning outright ownership of the value of the car at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For maximum investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
|Ownership||No Ownership||Pride of Ownership|
|Down Payment||Smaller Down Payment||Larger Down Payment|
|Monthly Payment||Smaller Monthly Payments||Larger Monthly Payments|
|Maintenance & Repair Costs||Typically Included||Not Included|
|Savings/Investment||Short Term Savings||Long Term Investment|
|Finance Term||Approx. 2-4 Years||Approx. 3-6 Years|
|Pre-Owned Vehicles||Not Available||Available|
|Vehicle Customization||Not Available||Available|
|Poor Credit Financing||Not Available||Available|
Bob Howard Acura knows that choosing the right Acura car and financing option is never easy. Our team of experienced Acura 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 Oklahoma City, OK. We look forward to serving you.
Purchased a 2023 Acura MDX and can say it was a great experience. T our sales person delivered the car herself and spent all the time needed to show us all the new stuff on todays vehicles.
Very punctual, scheduled service time online. Got my vehicle in and out in a timely manner. Boston was great to work with. Even washed my car.
Randi Fields is excellent! She is very customer oriented which is a refreshing in today’s business climate. Highly recommend Randi as your service advisor at Bob Howard Acura.
They were very helpful and respectful. Responded to my questions and requests in a timely manner.
Took my car in for oil and filter change and tire rotation. Also ask them to find and fix an annoying noise. They did all in a timely manner.