Are you in the market for a new BMW near Lawrence? If so, you may be asking, “Should I buy or lease?” This is a common question we hear at Princeton BMW, and the answer will vary from person to person. It really depends on your driving needs and budget.
While neither path is ‘better’ than the other, there may be one that is better suited to your needs and budget. So, it is best to choose a 3 Series lease, X5 lease, or to finance your next BMW? Read on to find out more about your options.
Leasing vs. Buying: Long and Short-Term Costs
- With leasing, you’ll have the benefit of lower monthly payments in addition to spending less on taxes and down payments. However, if you continue to lease a new vehicle once your previous lease terms are up, your payments won’t change much over the years. Keep in mind that you will not have to worry about rising service or repair costs.
- When you finance, you can eventually eliminate your monthly payment entirely once the vehicle is paid off in full. This means there could be quite some time where you do not have to make a car payment. As your vehicle ages, however, repair costs often increase.
The Bottom Line: Leasing is more affordable upfront, however if you finance a vehicle and keep your vehicle well maintained, you can enjoy freedom from car payments once the loan is paid off.
Leasing vs. Buying: Mileage & Restrictions
- With financing, you are free to drive as much as you want in Trenton and beyond because there are no mileage limits. You will also not be charged for excess wear and tear on the vehicle.
- With leasing,youmust adhere to set mileage restrictions or face a penalty.
The Bottom Line: If you have a long commute to the office from Hamilton or you plan on taking many road trips with the family, financing is likely your best bet. If you primarily use your vehicle to simply run errands in Hamilton, you may want to look into a 3 Series lease.
Leasing vs. Buying: Total Ownership and Customization
- When you buy a vehicle, you have the freedom to customize it as you see fit. Change the color, upgrade the stereo, or add ambient lighting. The possibilities are endless.
- When you lease, modifying the vehicle in any way is usually not permitted. That’s because the dealership still owns the vehicle, which will be resold when it is returned.
The Bottom Line: If you do not plan on customizing your vehicle, an X5 lease could be the right choice for you. However, if you enjoy creating a vehicle that fits your unique personality, it is best to finance it.
Leasing vs. Buying: Other Considerations
- Financing offers flexibility. You can keep the vehicle as long as you want, but you are also free to sell your vehicle at any time because you are not locked into a lease. Refinancing for a lower rate in the future may also be possible.
- Leasing is easy and convenient. You do not need to worry about selling the vehicle when it is time for something new. When the lease ends, simply bring the vehicle back to the dealership and upgrade to the latest model.
The Bottom Line: Many Philadelphia, PA drivers like the idea of leasing because of its simplicity. If you do not want to be limited by the terms of a lease, traditional financing may be your preferred route.
Considering a BMW Lease in NJ? Visit Princeton BMW Today!
Still trying to decide whether to lease or finance your next vehicle? Princeton BMW would be more than happy to discuss your options further. No matter if you prefer a BMW lease in NJ, or you want to go the traditional financing route, you can feel confident knowing that you will secure some of the most competitive rates in the Hamilton area. Contact us for additional information today.
