Should I Buy or Lease?

When searching for a new vehicle, you will question, “should I lease or buy?” To know which financial path will suit you best, you need to know the benefits for both. You will need to consider what you can afford, as well as what you need and want in a vehicle. Let’s review the benefits of leasing vs. buying a car, so you can make the right choice today!

Lease vs. Buying: Costs and Benefits

At Peter Pan BMW, we want you to worry less and find more reasons to celebrate during the upgrade process. No two drivers have exactly the same needs, and depending on your unique financial situation, either buying or leasing can be the right move. Whether you’re comparing the BMW 3 Series vs. 5 Series, or another model entirely, here’s what you should know when you’re getting started:

Benefits of Buying

• No Mileage Restrictions: When you purchase your vehicle, you can drive it as much as you want. Leasing your car or SUV will place a limit on the number of miles that you can drive each year.

• Total Ownership: Drivers who buy can create the vehicle they’ve always wanted. You are free to decorate or alter as you see fit.

• Customization: Want to flaunt your personality on the exterior or interior of your vehicle? You can. Buying a car allows you the freedom to modify its look or mechanics.

• Ability to Sell: As the owner of the vehicle, you can sell it on your terms. You can also trade it in for an even easier experience.

• Financing Options: Buying a vehicle allows for more financing options. Whether you have good, bad, or no credit, you can finance a car. Not to mention that you can refinance your loan to lower interest rates and monthly payments.

• Less Cost Over Time: Although the initial cost of a vehicle is higher, it decreases over time. Although older vehicles are associated with higher maintenance costs, you can reduce these by keeping up with scheduled maintenance.

Benefits of Leasing

• Lower Payments: Monthly payments or down payments will cost you less than when buying a vehicle.

• Fewer Sales Tax: In most states, you pay less on sales tax. If not, you pay taxes on the initial payment or monthly payments.

• Trade-Ins: During your lease, you can trade-in your vehicle for a newer model of choice. All you have to do is learn when you can make your trade-in. Then, either create your final payment or transfer your additional fees to your new lease. At Peter Pan BMW, we are happy to walk you through this simple process. We can even teach you how to execute a lease buyout.

• Great Coverage: Worry less about maintenance fees or warranty coverage when leasing. As long as you do not exceed the mileage limit, any issues will be covered.

• Vehicle Options: When you lease a vehicle, you can drive a newer model with the latest tech and gadgets.

• High Approval Rate: If denied a car loan, you are still eligible to lease a vehicle. Many drivers with bad or no credit can lease a car, SUV, or minivan.

Explore Your Leasing and Financing Options at Peter Pan BMW

Whether you lease or buy, base your decision on vehicle preference and financial status. Both options offer you great benefits and can differ from person to person. Therefore, the driver’s needs in Burlingame may be different than that of a driver in Redwood City. Friendly advice can be helpful, but the circumstances are never the same. We encourage you to contact us if you have leasing or buying questions. If you are looking for a car lease or finance offers, we are happy to help! Are you looking for your next vehicle, San Francisco, drivers? Check out our latest BMW inventory or compare the BMW 5 Series vs. Audi A6 to learn more.