Menu

Get Directions

6000 West 19th, Lubbock, TX, 79407

New Car Leasing vs Buying

header-gp1-lease vs buy 1200x340

Why Should You Lease a New Car?

If you want to drive newer, safer, more reliable cars, trucks, or SUVs, but prefer not pay a sizeable down payment every 3-4 years, and also don't drive an excessive amount every year, then a new car lease should be best for you. Leasing is better for people who prefer to bypass the hassle of buying and selling each time they want to upgrade to a new car or truck.

Why Should You Buy a New Car?

Contrarily, if you want long term automotive relationships with a higher sense of commitment and ownership, then buying might be what's right for you. Car-buying is typically best for drivers who do not mind driving the same vehicle for over five years or even until it's no longer fit for the highway.

Buy vs Lease: Which Is Right for You?

Knowing the pros, cons, and overall benefits of leasing vs buying a car or truck is important. Be sure to acknowledge factors such as monthly payments, vehicle ownership, repair costs, and potential savings when weighing the pros and cons of the best new car, truck or SUV financing type for you.

Leasing vs Buying: Ownership

When considering vehicle financing, new car, truck, or SUV ownership absolutely comes with many well-known advantages, most associated with outright ownership of the car, truck or SUV. You may not be aware, but, there are also some great benefits of leasing, as well. It's imperative to consider all financial aspects including down payment, monthly payments, term length, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A careful study 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, truck, or SUV.

calendar with pencil

Monthly Payments

Car lease payments are often less expensive in comparison to car financing and loan payments as the typical lease layout is basically renting with the option to buy out near the end of your lease term. Consider when leasing that you'll need a nice credit score, and will be asked to carry collision and comprehensive insurance, though the same can be said for the lower rate auto loans. Although it may add to your monthly payments, it is also best to get a model with the features you need or want, as personal satisfaction is often priceless.

Mechanic Checking Oil

Maintenance & Repair

Auto leasing often includes regular vehicle maintenance & repair. It's important to keep this in mind when calculating monthly costs of ownership vs leasing. No matter what make and model you buy, mechanic bills are an uncertain cost that can rapidly add up. And for those of us who aren't certified mechanics with a hydraulic jack and full toolset in the garage, leasing can be the best option for peace of mind.

Mechanic Shaking Hands

Investment vs Savings

Generally speaking, a new car or truck lease saves money in the short term with lower monthly payments, while buying earns 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 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 the best investment on a financed/purchased vehicle, you can pay it off in a shorter term 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
Search
Contact
Glovebox
Search
Contact Us
Glovebox
Gene Messer Ford of Lubbock 33.577993, -101.947742.