If you like to drive newer, safer, more reliable cars or trucks, but prefer not commit to a big down payment every 3-4 years, and also do not drive an exorbitant amount of miles every year, then a new car lease may be best for you. Leasing is intended for those who would prefer to avert the annoyance of selling and buying each time they want to drive a new car.
On the other hand, if you prefer long term automotive relationships with a larger sense of commitment and ownership, then buying should be what’s right for you. Car-buying is typically best for consumers who won’t mind driving the same car for over five years or even until it is no longer suitable for the road.
Knowing the pros, cons, and overall benefits of buying vs leasing a car is imperative. Be sure to acknowledge factors such as potential savings, vehicle ownership, monthly payments, and repair costs when calculating the best new car, truck or SUV 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 absolute ownership of the car. You may not realize, but, there are also a few nice advantages to leasing, as well. It’s imperative 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 precise inspection of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the best choice between leasing and buying a new car.
Car, truck, or SUV lease payments are often less expensive than auto loan and car financing payments as the standard lease format is pretty much renting with the option to buy out near the final payment of your lease term. Remember when leasing that you will need a higher credit score, and will be required to carry collision and comprehensive insurance, though the same can be said for the better rate auto loans. Though it can add to monthly payments, it is 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 ownership vs leasing. Regardless of what make and model you buy, mechanic bills are an unpredictable cost that can quickly add up. And for those 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.
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 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 terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For your best investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
|Pre-Owned Vehicles||Not Available||Available|
|Vehicle Customization||Not Available||Available|
|Poor Credit Financing||Not Available||Available|
|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|
Sterling McCall 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 Houston, TX. We look forward to serving you.
Hermie Manuel was an excellent salesperson--very kind, helpful, patient. He helped me in person for the test drive and gladly negotiated via text, which I appreciated. Other dealers wanted me to come in, and I simply don't have time for those games. The entire transaction was super easy and painless, and the follow-up texts and help from Hermie have also been great. I would highly recommend this dealership and Hermie Manuel!
Excelente service customer care Thank you Trenisha Houston will be requesting you every time! Also thank you Mrs Jen for taken care of me as well !
Great experience with service! We were assisted by Ms. Houston. Vehicle in and out, no long wait.