Should I Buy or Lease a Car?

Ready to upgrade your Fort Lee commute with an exciting new BMW? Take a moment to explore the new BMW inventory at BMW of Tenafly and fill out our online finance application. Once you’ve been approved and have found the BMW model that is the best fit with your driving needs, it’s time to explore your leasing vs. buying options. So, should I buy or lease a car? There are benefits to both, but the ultimate decision will depend on what you prefer and how much you can afford. Learn more about leasing vs. financing in this guide from the finance team at BMW of Tenafly. 

Leasing vs. Buying: Fundamental Differences

Should I buy or lease a car? That’s a question that many Cresskill-area car shoppers ask themselves. The best way to start is to take a look at what the key differences are between “leasing” and “buying”:

• Leasing: When you lease a car, you are essentially renting a vehicle for several years. You only have to pay for the amount of value that depreciates over the course of your lease term along with interest. Note that an auto lease will come with certain mileage restrictions.
• Buying: When you buy, you can either pay the full amount outright or you can get a loan that covers the full value of the vehicle. Over the course of the loan, you’ll make monthly payments with the intention of one day owning the vehicle. 

Leasing vs. Buying: Benefits

As noted previously, there are benefits to both leasing and buying, and determining which is best for you depends on your personal preferences and budget. Here’s a quick look at the outstanding benefits of each: 

Leasing: 

• Because you’re only on the line for depreciation over the course of a temporary lease, you’ll be able to place a smaller down payment and your monthly payments will be less overall. 
• Your vehicle will be covered by its original warranty, which should cover all basic maintenance services. 
• When your lease term ends, you can renew it, take over the lease, trade your vehicle for another lease, or walk away. 

Buying: 

• When you make monthly payments towards your loan, you’ll chip away at the principal (the loan amount minus interest) which will help you to build equity.
• You have the freedom to customize your vehicle however you like. 
• You don’t have to worry about monthly mileage limits or overage fees. 

Explore Your Leasing vs. Financing Options at BMW of Tenafly 

Still unsure of whether you should buy or lease? Contact us online or give us a call BMW of Tenafly at (201) 643-7514. Our finance specialists can help you find the perfect strategy for your needs. Meanwhile, take a moment to browse our current BMW lease and finance offers to take advantage of some of the best deals in the Closter area.