Should I Buy or Lease?

Drivers near San Marcos and Vista know that leasing and financing both offer distinct benefits. Finding a new car can be exciting, but making a decision on how to move forward can be more than a little stressful! Rest assured: If you’ve been going back and forth on the question, “Should I buy or lease?” you’re certainly not alone. Mazda of Escondido has laid out everything you need to know.

Advantages of Financing

Unless you have the money to make your purchase out-of-pocket, buying a vehicle requires you to finance your purchase by taking out an auto loan. Taking out a loan may be a big risk, but depending on your needs as a driver, it still may be the preferred option. Here’s what you’ll want to consider:

• Even if you still owe money on your auto loan, drivers who buy will be able to drive with fewer restrictions. You can go where you want, whenever you want, as long as you keep making payments on time.
• Maybe you’re the type who likes to go off-roading out past Poway! Maybe you’d like to give your car a unique, racing-inspired appearance. No matter where your interests lie, buying is the preferred option for those value customization and control.
• Securing an auto loan with bad credit isn’t always easy. However, since it’s often easier to buy a used car than it is to lease pre-owned, you’ll likely have more, and more affordable options to choose from.
• Do you plan on keeping your vehicle for longer than 5 or 6 years? If you know how to maintain it right, buying your car can help you save big after you pay off your loan.

Should I Buy or Lease? – Drivers who buy will have more freedom, and they could enjoy significant savings in the long run. However, it’s harder to get approved for a new vehicle, and you will probably face higher up-front costs.

Advantages of Leasing

When you lease a car in Escondido, you are essentially renting a vehicle and paying off the depreciation which accrues while it’s in your possession. Our Carlsbad and San Diego neighbors choose to lease for a number of different reasons, and we’ve listed all of the most important ones here:

• Since you’re not paying to become the final owner of the vehicle, your monthly payments are often significantly lower when you lease. In most cases, you’ll only pay tax on your payments, and not on the full value of the car or SUV.
• Leasing allows you to enjoy the latest features, and to trade up for new cars more often. Those who buy often hold onto their vehicles for years, while those who lease can upgrade every time their contract expires. Or, you can choose to buy out the lease and keep the vehicle.
• Compared to drivers who apply to finance a new vehicle, drivers who apply to lease a new vehicle are more likely to get approved. Leasing with bad credit is easier because the risk to the vehicle’s owner is smaller.
• When you lease a new vehicle, you’ll enjoy superior service and maintenance coverage for as long as you’re behind the wheel. Those who buy will eventually have to survive without warranty coverage.

Should I Buy or Lease? If you want to secure lower monthly payments, and enjoy the most advanced Mazda technologies while you drive, leasing should be your first choice.

Explore Leasing and Financing Options at Mazda of Escondido

Drivers weighing lease vs. buying options should choose the path that works best for their unique financial situation. After all, there’s not one right answer. Now that you’ve seen the pros and cons of financing or leasing with Mazda of Escondido, just contact our team if you have any questions! Still doing research? Visit our finance and insurance department for more car buying tips.