Why Lease a New Car?
If you prefer to drive newer, safer, more reliable cars, but prefer not make a big down payment every few years, and also don't drive an exorbitant amount of miles every year, then a new car lease may be the right choice for you. Leasing is designed for people who prefer to avoid the annoyance of selling and buying each time they want to get into a new car, truck, or SUV.
Why Buy a New Car?
On the other hand, if you want long term relationships with a higher sense of commitment and ownership, then buying may be what's ideal for you. Car-buying is typically best for consumers who will not mind driving the same vehicle for over five years or even until it is no longer fit for the street.
Leasing vs Buying: Which Is Right for You?
Being aware of the pros, cons, and overall benefits of buying vs leasing a car or truck is imperative. Be sure to consider potential savings, vehicle ownership, monthly payments, and repair costs when calculating the best new car, truck or SUV financing type for you.
Leasing vs Buying: Ownership
When it comes to vehicle financing, new vehicle ownership absolutely comes with many advantages, most associated with entire ownership of the vehicle. You may not realize, however, there are also some nice advantages to leasing, as well. It's essential to consider all financial aspects including term length, down payment, monthly payments, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A thorough observation 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.
Monthly Payments
Vehicle lease payments are often less expensive in comparison to auto loan and car financing payments as the typical lease contract is more-or-less renting with the option to buy out at the end of your lease term. Keep in mind when leasing that you'll need a higher 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 could likely increase your monthly payments, it's also smart to choose a model with the features you need or want, as personal satisfaction is often priceless.
Maintenance & Repair
Auto leases often include regular vehicle maintenance & repair. It's important to keep this in mind when projecting monthly costs of leasing vs ownership. No matter what make and model you buy, mechanic bills are an unknown cost that can quickly add up. And for those who aren't certified auto mechanics with a full toolset and hydraulic jack in the garage, leasing might be the best option for peace of mind.
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 or truck at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for going over mileage, terminating the vehicle lease early, or putting on excessive wear and tear. For maximizing investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
| Lease | Buy | |
| Maintenance & Repair Costs | Typically Included | Not Included |
| Down Payment | Smaller Down Payment | Larger Down Payment |
| Monthly Payment | Smaller Monthly Payments | Larger Monthly Payments |
| Ownership | No Ownership | Pride of Ownership |
| APR % | Credit-Based | Credit-Based |
| Finance Term | Approx. 2-4 Years | Approx. 3-6 Years |
| Savings/Investment | Short Term Savings | Long Term Investment |
| Vehicle Customization | Not Available | Available |
| Pre-Owned Vehicles | Not Available | Available |
| Poor Credit Financing | Not Available | Available |
| New Vehicles | Available | Available |
Audi Lease and Finance Offers In El Paso TX
Audi El Paso knows that choosing the right Audi car and financing option is never easy. Our team of experienced Audi 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 El Paso, TX. We look forward to serving you.
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