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Benefits of Buying Or Leasing

If you have decided that you need a new car, one of the first choices you need to make is whether you want to finance your purchase or take out a lease. Both options have advantages and disadvantages depending on your needs and wants; taking a look at what either option means should help you to make the best choice possible.

Price


Financing a new vehicle often means taking out a loan, which means that you will need to make monthly payments on until the amount is paid in full. Once you’ve paid off the balance of your loan, you own the vehicle. Because you are paying toward the vehicle’s full value, you are free to drive it as much as you want and make as many modifications as you care to.

This also means that your monthly payments will be higher than they would be with a lease. In addition, you will likely need to make a sizable down payment, often as much as 20 percent of the total purchase price. You also have to deal with an unpredictable market when it comes to depreciation and the future value of your car. You could potentially end up being “upside-down” in your loan, which means that you owe more than the vehicle is worth.

Performance


When you take out a lease, you sign a contract that lets you keep the vehicle for a certain amount of time – 12-36 months is a pretty typical range. During that time, you will make monthly payments that ostensibly cover the vehicle’s depreciation. At the end of the lease, you can simply return the car to the dealership and start the process again with another new car or, if you’d prefer, finance the remaining balance on the vehicle you’ve grown accustomed to.

Because lease payments are only based on a portion of the vehicle’s worth, your monthly payments will usually be lower than they would be if you took out a loan. However, you can incur additional fees if you exceed your mileage restrictions – usually at about 12,000 a year – or cause any excessive wear and tear. You also don’t have any equity in the vehicle, which means that you’re more or less renting it for a period of time.

If you’re not sure which way is the best to go, stop into Hiley Mazda of Hurst and our financial team will set you on the correct course.

Dealer Info

Phone Numbers:Sales Hours:
  • Mon - Fri9:00 AM - 9:00 PM
  • Sat9:00 AM - 8:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:00 AM - 6:00 PM
  • Sat8:00 AM - 5:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri7:00 AM - 6:00 PM
  • Sat8:00 AM - 5:00 PM
  • SunClosed

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817-840-3506

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817-840-5536

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817-840-5535

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625 NE Loop 820 • Hurst, TX 76053

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Today's Hours:

Open Today! Sales: 9am-8pm

Open Today! Service: 8am-5pm

Open Today! Parts: 8am-5pm

Hiley Mazda of Hurst 32.8199514, -97.2082537.