Should I Buy or Lease a New MAZDA?

Finance Paperwork with Glasses

 

If you’re looking to buy a new Mazda for your commute to Murrieta, you may be considering whether you should buy or lease your next vehicle. “Should I buy or lease?” is a common question many drivers ask themselves when they shop for a new car. There are advantages and disadvantages to both leasing and buying, but your finances and your personal preferences will determine which option is right for you. Learn the differences between lease vs. buying with John Hine Temecula Mazda below, or contact our finance team if you have any questions about the car-buying or leasing process.

Leasing vs. Buying: Long & Short-Term Costs

When you lease a new Mazda, you’re agreeing to “rent” the vehicle from the dealership until the end of your lease term. When you purchase a new Mazda – also known as financing – you take out a loan and make monthly payments until the loan is paid off in full, giving you full ownership of the vehicle. Depending on whether you lease vs buy, the short-term and long-term costs of ownership will vary. Read more about buying and leasing costs below:

  • Leasing: Leasing allows Escondido drivers to take advantage of lower monthly payments upfront. Drivers will also spend less on taxes and down payments. Starting a new lease every few years will cost about the same each time (depending on the model you choose). However, you won’t have to worry about long-term service or repair costs that come with car ownership.
  • Financing: Buying a new Mazda allows you to eventually eliminate your vehicle payment altogether after you pay off the loan. Plus, you have the option to purchase a pre-owned Mazda model, whereas only new vehicles are available for leasing. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease over time, but repair costs can grow as a vehicle ages.

How long you plan to own your vehicle will be one of the deciding factors of whether you should buy or lease a new Mazda model. If you only need a vehicle for a couple of years or if you want to trade-in your vehicle every few years to enjoy the latest technology, then leasing may be the better option for you. However, if you plan to own your vehicle for four or more years, then financing would be most cost-effective and convenient.

Leasing vs. Buying: Mileage & Restrictions

When you sign a lease or a loan with a dealership or a lender, you’re agreeing to their terms and conditions while the car is in your possession. These terms could dictate your insurance coverage, vehicle customization, mileage limits, and more. Learn more about the restrictions that come with lease vs. buying below:

  • Leasing: Drivers who lease their vehicles will have to stay within certain mileage limits and customization limits, or they’ll be subject to end-of-lease fees.
  • Financing: Drivers who buy their vehicles with the intent to own won’t have to worry about mileage limits or restrictions. However, they may have to purchase full-coverage auto insurance for the duration of their loan. Read your loan terms carefully before you sign any paperwork.

Drivers who commute a short distance to work in Corona and use their Mazda to travel around town won’t have an issue with leasing mileage limits. However, if you want to customize your car, or you drive long distances often, you’ll find that financing better fits your needs.

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Leasing vs. Buying: Freedom, Options, & Processes

Both leasing and financing come with a contract. When you finance a vehicle and eventually pay it off, your contract with the lender ends. If you prefer to lease your vehicles though, you’ll always have to adhere to a leasing contract. Violating or breaking a contract when you finance or lease a vehicle can lead to fees or fines. Read more about this below:

  • Leasing: While leasing comes with some restrictions, it’s generally easy to follow the contract without incurring end-of-lease fees. All you need to do is keep the car in good condition and bring it back to your dealership at the end of your lease. You can also buy out your lease if you decide you want to keep the vehicle.
  • Financing: When you finance, you’re locked into a contract until you pay off the vehicle in full. However, you can sell or trade-in the vehicle at any time (provided that the vehicle is worth more than you owe). You may also be able to refinance your car for a lower rate down the line. Additionally, the vehicle is yours to keep for as long as you like after you pay off the loan.

The simplicity of leasing is a big incentive for drivers who want to avoid the hassles of car ownership. However, if you’re comfortable maintaining and reselling a vehicle, the money you get for trading in a purchased vehicle could help to offset a future car purchase.

Lease or Finance your Next MAZDA at John Hine Temecula Mazda

Now that you’re more familiar with the differences between buying and leasing, browse the new and pre-owned vehicle inventory at John Hine Temecula Mazda to find your next Mazda vehicle. When you’re ready, you can browse our new vehicle specials for savings on your purchase and contact our team to begin the leasing or financing process. Visit our Temecula showroom today, we look forward to putting you behind the wheel of a new Mazda!

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