If you want to drive newer, safer, more reliable cars or trucks, but prefer not commit to a large down payment every few years, and also do not drive an exorbitant amount annually, then a new car lease could be right for you. Leasing is intended for those who would prefer to bypass the hassle of buying and selling each time they want to drive a new vehicle.
On the other hand, if you like long term automotive relationships with a larger sense of commitment and ownership, then buying should be what’s ideal for you. Car-buying is typically best for shoppers who don’t mind driving the same vehicle for over five years or even until it’s no longer fit for the street.
Knowing the pros, cons, and overall benefits of leasing vs buying a car, truck, or SUV is important. Be sure to examine factors like vehicle ownership, monthly payments, repair costs, and potential savings when considering the best new vehicle financing type for you.
When weighing the value of vehicle financing, new car ownership absolutely comes along with many well-known advantages, most associated with complete ownership of the car, truck or SUV. You may not be aware, but, there are also a few great upsides of leasing, as well. It’s essential to consider all financial aspects including monthly payments, down payment, term length, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A meticulous audit of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the ideal choice between leasing and buying a new car or truck.
Car or truck lease payments are often less expensive than car financing and loan payments as the typical lease layout is basically renting with the option to buy out near the final payment of your lease term. Just consider when leasing that you’ll need a nice credit score, and will be required to carry comprehensive and collision insurance, though the same can be said for the lower rate auto loans. Although it might likely add to monthly payments, it’s also wise to get a model with the features you want or need, as personal satisfaction is often priceless.
Auto leasing often includes regular vehicle maintenance & repair. It is important to remember this when calculating monthly costs of leasing vs ownership. Regardless of which make and model you choose, mechanic bills are an unknown cost that can rapidly add up. And for those who aren’t certified mechanics with a hydraulic jack and full toolset in the garage, leasing could be the best option for peace of mind.
In general, a new vehicle lease saves money in the short term with lower monthly payments, while buying gets you a long term investment, meaning full ownership of the value of the car, truck, or SUV at the time it is traded, sold, or paid-off. For best value on a lease, avoid lease return fees for terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For maximizing investment on a purchased/financed vehicle, you can pay it off quickly and also avoid excessive wear and mileage.
| Lease | Buy | |
| New Vehicles | Available | Available |
| Pre-Owned Vehicles | Not Available | Available |
| Vehicle Customization | Not Available | Available |
| Poor Credit Financing | Not Available | Available |
| APR % | Credit-Based | Credit-Based |
| Ownership | No Ownership | Pride of Ownership |
| Down Payment | Smaller Down Payment | Larger Down Payment |
| Monthly Payment | Smaller Monthly Payments | Larger Monthly Payments |
| Savings/Investment | Short Term Savings | Long Term Investment |
| Finance Term | Approx. 2-4 Years | Approx. 3-6 Years |
| Maintenance & Repair Costs | Typically Included | Not Included |
Land Rover Santa Fe knows that choosing the right Land Rover car and financing option is never easy. Our team of experienced Land Rover 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 Santa Fe, NM. We look forward to serving you.
(505) 474-0888
Call Now2582 Camino Entrada • Santa Fe, NM 87507
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Open Today! Service: 8am-5pm
Open Today! Parts: 8am-5pm
