If you’re looking to take your Corona commute to the next level with a new vehicle, you may also be wondering about the best financing path for your needs and budget. You will need to find out what works best for you in terms of leasing vs. buying. There are benefits to buying and leasing, but you need to consider your driving needs and what you can afford. Let’s take a closer look at the basics of each financial option, so you know which is right for you when you come and visit us at BMW of Murrieta and ask, “should I buy or lease?”
Benefits of Buying
- No Mileage Restrictions:If you plan to do a lot of driving throughout the Ontario area and beyond, buying could be your best option because there are no mileage limits. Unlike with leasing, you can drive as much as you desire.
- Total Ownership: Buying a vehicle means it’s yours completely. Because of this, you can do whatever you want with your vehicle.
- Customization: Looking to truly make your vehicle your own? Buying rather than leasing gives you the chance to customize your ride any way that you want to. Create the car of your dreams without restriction.
- Ability to Sell: Since you’re not locked into a lease agreement, you can sell your vehicle at any time.
- Financing Options: While leasing does have its own set of advantages, the car financing process is more straightforward. It is typically a good choice for those with less than ideal credit scores, though leasing with bad credit is possible in most cases. If you decide to buy your vehicle, you can also refinance your loan to lower your interest rate and monthly payments.
- Less Cost Over Time: Though buying a new car is more expensive in the initial period, it is less troublesome in terms of cost over time as you work towards paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.
Benefits of Leasing
- Lower Payments: Whether it’s monthly payments or down payments, costs are usually significantly lower for those who decide to lease.
- Lower Sales Tax: In most states, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
- Trade-Ins: When the terms of your lease agreement are complete, it is quick and easy to drive home in a new car. Head to your local Murrieta dealership, pay any remaining fees and drive away in a car that has all of the bells and whistles that you want.
- Great Coverage: Warranty coverage and maintenance is hassle-free if you choose to lease. If a problem arises that is covered under your warranty, as long as you remain within mileage limits, it will be covered.
- Options: Leasing allows you to frequently drive the latest cars, so you will always have the most up-to-date features.
- High Approval Rate: If you are denied for a car loan, you may have more luck getting approved for a lease.
Consider Leasing and Financing Options at BMW of Murrieta
Should I buy or lease? The choice is up to you! Whether you choose to lease vs. buying, it is important to consider the information above. What works for some might not work for others. Take a look at our leasing and financing deals before stopping by our showroom near Riverside. If you would like more information, feel free to contact us today and see if you prequalify for credit, or learn more about how to calculate interest rate on a car loan.