If you like to drive newer, safer, more reliable cars or trucks, but prefer not pay a considerable down payment every 3-4 years, and also don’t travel an excessive amount yearly, then a new car lease may be right for you. Leasing is best for those who would prefer to avert the hassle of selling and buying each time they want to upgrade to a new car or truck.
Conversely, if you like long term relationships with a higher sense of commitment and ownership, then buying might be what’s ideal for you. Car-buying is typically best for consumers who don’t mind driving the same car or truck for over five years or even until it’s no longer fit for the road.
Knowing the pros, cons, and overall benefits of buying vs leasing a car or truck is imperative. Be sure to contemplate potential savings, vehicle ownership, monthly payments, and repair costs when considering the best new car financing type for you.
When weighing the value of vehicle financing, new vehicle ownership certainly comes along with many advantages, most associated with outright ownership of the vehicle. You may not be aware, however, there are also some great advantages to leasing, as well. It’s essential to consider all financial aspects including term length, down payment, monthly payments, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A careful diagnosis of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the ideal choice between leasing and buying a new car.
Car lease payments are often times less expensive in comparison to auto loan and car financing payments as the standard lease deal is pretty much renting with the option to purchase near the end of your lease term. Remember when leasing that you will need a higher credit score, and will be required to carry collision and comprehensive insurance, although the same can be said for the lowest rate auto loans. Although it could add to monthly payments, it’s also better to choose a model with the features you need or want, as personal satisfaction is often priceless.
Auto leases often include regular vehicle maintenance & repair. It’s important to keep this in mind when projecting monthly costs of leasing vs ownership. No matter what make and model you select, mechanic bills are an unknown cost that can quickly add up. And for those of us who are not certified auto mechanics with a hydraulic jack and full toolset in the garage, leasing can be the best option for peace of mind.
In general, a new car, truck, or SUV lease saves money in the short term with lower monthly payments, while buying gets you a long term investment, meaning absolute ownership of the value of the car or truck at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for going over mileage, terminating the vehicle lease early, or putting on excessive wear and tear. For maximum investment on a purchased/financed vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
|Pre-Owned Vehicles||Not Available||Available|
|Vehicle Customization||Not Available||Available|
|Poor Credit Financing||Not Available||Available|
|Ownership||No Ownership||Pride of Ownership|
|Down Payment||Smaller Down Payment||Larger Down Payment|
|Monthly Payment||Smaller Monthly Payments||Larger Monthly Payments|
|Savings/Investment||Short Term Savings||Long Term Investment|
|Finance Term||Approx. 2-4 Years||Approx. 3-6 Years|
|Maintenance & Repair Costs||Typically Included||Not Included|
Sterling McCall Lexus Clear Lake knows that choosing the right Lexus car and financing option is never easy. Our team of experienced Lexus lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in Houston, TX. We look forward to serving you.
I always use this dealership to service my cars and bought my last two vehicles from here. Excellent service and quality work. Alice Parnell is my service advisor. She always gets discounts for me and makes the process smooth. Highly recommended.
We have been using Lexus of Clear Lake for over 12 years, alway good service. They do not push unnecessary repairs and they have gotten us refunds from other dealerships that charged for work not done.
Very good service as vehicle condition and work recommended were clearly communicated including providing a loaner car when it was determined that the work would take longer than one day. The service department does very good quality of work.
Dennis Holmes was my Service Advisor and he was professional, courteous and very helpful with getting our car serviced. It was returned washed and ready for another 5,000 miles. Lexus of Clear Lake has always been our favorite dealership for 28 years.
Outstanding service, trade in very quick, financial services is also quick. The salesman is very nice but not aggressive Overall I would recommend this place
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