Should I Buy or Lease?

Looking for a new car to drive around Troy and Albany? We’ve got plenty! By now, you might’ve done your research about which vehicles you’re most interested in and their specs. Now you might be wondering about how to obtain the vehicle that’s best for you. At Cooley Mazda, customers often ask us “Is leasing a vehicle worth it?”. We’re here to answer all of your questions and give you the information you need to feel confident about your decision to finance or lease a vehicle. One is not better than the other, but one option could be more beneficial to you and your financial life. For more details, keep reading below!

Buying vs. Leasing: Costs

A big difference between buying and leasing is the cost. Some Albany drivers want to own their car, while that isn’t as necessary for others. There are pros and cons to both financing options, so make sure you understand how they can impact your finances by reading the following: 

Leasing

• Pros: Leasing offers lower monthly payments, which can be very beneficial for those who want a certain type of car without the burden of heavy monthly payments. It also reduces the amount you’ll need to pay for the down payment and taxes. 

• Cons:  You are still responsible for regular maintenance. If you opt to lease multiple times over the years, you’ll always have a car payment and will never own the vehicle. This eliminates the option of selling it or trading it in. 

Financing/Buying

• Pros: Financing your vehicles gives you the opportunity to eventually eliminate auto debt and own the vehicle. This gives you the freedom and flexibility to sell the vehicle or trade it in for a new one down the road. 

• Cons: As the vehicle ages, the repair costs tend to increase due to normal wear and tear. 

Buying vs. Leasing: Mileage & Restrictions

There are different restrictions when it comes to buying vs. leasing a vehicle. When leasing a vehicle, you must abide by the restrictions labeled in the contract. There are boundaries regarding how many miles you can put on the vehicle during the contract time, or else there can be a hefty fee. When you purchase a vehicle, you have ownership of it. You don’t have to worry about the mileage restrictions since it’s your vehicle. If you’re one to take spontaneous road trips to Latham on the weekends, you may want to consider financing a vehicle. 

Buying vs. Leasing: Customization

If you finance a vehicle, you are the owner of it, as mentioned previously. Therefore, you have the freedom to style it exactly how you want. If you’d like to add any accessories or modify the vehicle at all, you can do it! Those who lease, however, will have to keep the vehicle as close to the condition they received it as possible. The dealership still has ownership of the vehicle and they may want to sell it once you’re finished with it. If you don’t plan to make any changes on your vehicle, the leasing is a good option. 

Leasing vs. Buying: Freedom, Options, & Processes

In general, financing a vehicle provides more flexibility. You can sell or trade your vehicle at any time, or keep it and pass it down to a child. While leasing has stricter guidelines, it can be much easier and convenient. It is also a form of “try it before you buy it” so that you’re confident if you want to purchase it later. There’s no real level of commitment with a leased vehicle.

Explore Leasing and Financing Options at Cooley Mazda

Now that you have more information about the difference between financing and leasing, you can talk to our finance department about which option will work best for you! Check out our new vehicle specials online or contact us if you have any questions about our Mazda leasing requirements.