Should I Buy Or Lease A Car?

If you’re ready to upgrade your car, you can either purchase or lease your next vehicle. While neither option is objectively better, one will make more sense for your situation. In this guide from Team Mazda, we will go over what each route entails as well as its pros and cons, so you can make an informed decision. 

Lease Vs. Finance A Vehicle

So, should you buy or lease a car? Leasing a car near Vallejo is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific amount of time. You won’t build equity as you would if you bought the vehicle outright. You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the vehicle, or end your lease.

Compare Leasing And Buying A Car: Pros

Pros Of Leasing:

• Lower Monthly Payments: You’ll have smaller payments in general when you decide to lease a car in Vallejo.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you lease, you just return the car. If you exceed the agreed mileage or there’s wear and tear, you might have to pay some fees.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Pros Of Buying:

• Ownership: Once you finish your monthly payments, you will own the car outright. If you want to sell it or trade it in, you can.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Mazda vehicle in Vallejo. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Compare Leasing And Buying A Car: Cons

Possible Cons Of Leasing:

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car, and that’s going to be a constant during the time of the lease.

Possible Cons Of Buying:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring. 

Find Your Next Vehicle At Team Mazda

After exploring the pros and cons of leasing vs. financing a car, which option makes more sense for you? Whichever path you choose, be sure to take advantage of our ongoing lease and finance specials in Vallejo. When you upgrade your vehicle at Team Mazda, you can expect competitive and transparent pricing. Call us at 707-643-9000 with any questions.