When you’re shopping for a new car for your New Haven commutes, you might be wondering about how to finance your next vehicle. It’s important to find out what works best for you in terms of leasing vs. buying. There are benefits to buying and leasing, but there are disadvantages to each method as well. Below, we will explore both options, so you can make an informed decision before signing on the dotted line.
Benefits of Buying
Total Ownership: When you buy a vehicle, it is all yours. This means you are free to do with the vehicle as you see fit. There are no restrictions on how it’s modified, decorated, etc.
Customization: Want to make your new vehicle stand out among the crowd? When you buy rather than lease, you can upgrade the powertrain, paint the exterior in a bold new hue, or install a premium sound system. Create the car of your dreams without restriction.
No Mileage Restrictions: If you’re driving your vehicle inside and outside of the Branford area, you may want to consider buying. Without the mileage limits you get on a leased vehicle, you don’t have to worry about getting charged for exceeding a set amount.
Ability to Sell: Since you don’t have to return the vehicle when the lease ends, you are able to sell it at any time.
Less Cost Over Time: Though buying a new car is more expensive in the initial period, it becomes less expensive to own the longer you keep it.
Financing Options: While leasing is not overly complicated, the car financing process is more straightforward, and BMW even offers special BMW Select Financing options. Financing is also usually available to even those with less than ideal credit scores. You may also be able to refinance your loan to lower your interest rate and monthly payments.
Benefits of Leasing
Lower Payments: Whether it’s monthly payments or down payments, when you lease a vehicle those costs will be much lower than buying
Less Sales Tax: In most states, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
Trade-Ins: When your lease agreement ends, you don’t have to worry about selling your vehicle if you prefer a different model. All you have to do is bring the vehicle back to the dealership.
Warranty Coverage: If an issue with your vehicle occurs, it is often still under warranty coverage, which means no out-of-pocket expenses.
Options: Leasing allows you to drive the newest models with the most up-to-date tech and performance features.
High Approval Rate: While you may be denied for a car loan based on your credit score, getting approved for a lease is often much simpler.
Explore Leasing and Financing Options at BMW of North Haven
Now that you know the benefits of leasing vs. financing, it’s time to start searching for the vehicle of your dreams. At BMW of North Haven, we have an extensive selection of sophisticated sedans and SUVs to enhance your Branford drive, and you can even compare competitors like the BMW X3 vs. Audi Q5. Contact us today for more information or to set up a test drive.
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