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Should I Buy or Lease?

2022 Mazda3 4-Door

While you may have done your research on the right vehicle for you and your Fort Worth driving needs, you still need to find out if buying or leasing is the better option for you and your budget. This is a commonly asked question at our finance center at Hiley Mazda of Hurst - DFW.

It isn’t that one is better than the other. Simply, one will be a better option for you. Take a look at our online buying vs. leasing guide to help you decide which option is right for you. Our finance experts are also here to help you figure out the right path to take. Be sure to contact our team with any questions.

Leasing vs. Buying: Long and Short-Term Costs

  • Leasing: When you lease a vehicle, you’ll find that you have lower monthly payments off the bat. You’ll also be spending less on taxes and the down payment. However, if you decide to start a new lease every few years, you won’t find much of a difference in your payments. Keep in mind also that you won’t have to worry about service or repair costs.
  • Financing: Financing a vehicle means you have a chance to eliminate your monthly payments entirely. If you buy used, you’ll have an even more affordable payment. While you’ll end up saving more on car payments in the long run, repair costs tend to grow along with the age of the vehicle.

On average, drivers tend to keep their vehicle for at least three years. If you tend to enjoy the newest in technology features, then you’ll find leasing is the option for you.

Leasing vs. Buying: Mileage & Restrictions

  • Financing: When you finance a vehicle, you intend to eventually own the vehicle fully so you won’t have to worry about mileage restrictions.
  • Leasing: Leasing means there are set boundaries to follow. If you go beyond those mileage limits, you’ll have to pay a fee at the end of the lease term.

If you tend to commute locally more often than not, then a lease will be a good option. If you take frequent trips outside of Hurst, then leasing might not be worth it.

Leasing vs. Buying: Total Ownership and Customization

  • When you buy a vehicle (or finance its full cost), you can add whatever accessories catch your eye. You can also modify the vehicle more extensively with custom parts or upgrades if you choose, although doing so may void your warranty.
  • When you lease, you’ll need to keep the vehicle as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it after it leaves your hands.

In short, if you’re interested in off-roading in a vehicle that’s built for adventures, then leasing is not the way to go.

Leasing vs. Buying: Freedom, Options, & Processes

  • Financing offers flexibility. Financing locks you into a contract, but you’re free to sell or trade in the vehicle at any time as long as the vehicle is worth more than you owe. Later down the line, you can also refinance for a lower interest rate.
  • Leasing is easy and convenient. As long as you take good care of the vehicle while it’s in your possession, all you need to do is drive it back to our lease return center at the end of the lease term. This is the time you can re-up your lease, sign a new lease, or buy the leased vehicle.

Explore Leasing and Financing Options at Hiley Mazda of Hurst - DFW

If you’re ready to get the financing process started, you can get pre-approved with our financing application online. Interested in leasing? No worries. Our finance experts can assist with that as well. Contact our team in the meantime with questions.

 

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Hiley Mazda of Hurst - DFW 32.8199514, -97.2082537.