Buy vs. Lease Your New Vehicle in Mobile, AL
Buying vs. Leasing Your New Vehicle in Mobile, AL
There are many decisions to be made when you shop for a new vehicle such as what kind of make and model you want. Once you decide on the vehicle, though, you'll need to decide whether to lease or buy. There are benefits to both options, so we've created a list of perks for each option to help you decide. Check out the lists below to learn more!
WHY LEASE A VEHICLE?
Freedom of Choice
There's a lot of freedom that comes with leasing a vehicle. You get to decide whether you want to drive a new vehicle every few years, without making a purchase decision. You also won't have to deal with selling or trading your vehicle.
Flexibility
Lease terms typically fall between 24 and 60 months. Shorter lease terms allow you to make more affordable payments. You can also choose your mileage. Lessees are normally allowed 12,000 or 15,000 miles per year, but if you want a higher mileage limit, you can purchase more miles at signing.
Lower Payments
Because you're only paying for the right to drive a vehicle for a specific period of time, your financial responsibility and monthly payments may be significantly reduced. If you don't want a large down payment, then leasing might be the better option since there are leasing options that require $0 down.
Hazard-Free Driving
Since most leases last for two to three years, your vehicle is generally covered with warranty protection for as long as you drive it.
True Convenience
When your lease runs out, all you have to do is return the vehicle and pay any remaining fees (excess mileage or wear and tear, for example) and taxes. If you find that you want to to keep your vehicle, you can purchase it at a predetermined price.
WHY BUY A VEHICLE?
Ownership
Ownership is the primary benefit of buying instead of leasing your next vehicle. If you want to keep your vehicle for a longer amount of time, buying is a better option for you. You'll also have the option to customize your vehicle to fit your lifestyle.
No Mileage Limitation
If you own your vehicle, you aren't limited to any mileage restriction. Leasing requires that you calculate in advance how many miles you'll drive each year, while ownership lets you drive as much and as far as you want without collecting fees.
Payment Flexibility
When you buy, you can either finance your vehicle or buy it outright with cash. If you buy with cash, you become the owner of the vehicle immediately and won't have to make monthly payments. If you choose to finance, you're given an extended period of time with a loan to pay off the vehicle. For best results when financing, we strongly recommend that you acquire the most affordable, dependable and competitive rates available, such as what we offer at Springhill Toyota.
True Freedom
Once you complete your payment schedule, which usually takes four to six years, the vehicle is yours! You can continue driving your vehicle for as long as you want without further payments, or sell or trade it at any time. Because you won't have to make any more monthly payments, you could put those same funds toward your savings.
If you happen to have any questions or would like to get to know us more, come visit us at 3062 Government Blvd, Mobile, AL 36606. We look forward to serving customers from Daphne and Spanish Fort.