Buying vs Leasing
Finding a new car near Annapolis, Highland Beach, and Hillsmere Shores is exciting, especially with so many models, trims, and body styles to choose from. After you find your dream vehicle, though, the question is whether you should buy or lease it.
There are several benefits to both options, which we’ll cover in this buying vs. leasing guide from BMW of Annapolis. Learn the differences below, and feel free to contact us with any questions you may have.
What Does It Mean to Buy a Car?
When you purchase a car, you can either pay it in full with cash or take out a loan. If you’re doing the latter, you’ll borrow money from the bank and make monthly payments until the vehicle is paid off. Then, the car is in your name and one that you can enjoy for many years and miles.
How Does Leasing a Vehicle Work?
On the flip side, leasing a car is when you “borrow” it from the dealership and then return it after a few years. The average length for a loan is two or three years, where you can drive anywhere from 10,000 miles to 15,000 miles a year.
Once the lease term is up, you could lease a newer version of that model or something else entirely. However, if you decide that you love the car and don’t want to return it, you can keep it and pay off any remaining balance until it’s in your name.
Benefits of Buying a Car
As we mentioned before, when you buy a vehicle, you become the owner. Therefore, you can do whatever you wish with it. If you want to change up the upholstery or repaint the body, you’re free to do so.
Plus, as the vehicle owner, you’re not restricted to any specific number of miles. Whether you have long commutes to work or love taking cross-country road trips, you don’t need to think about mileage packages holding you back.
Furthermore, you can sell or trade in your automobile at any time. Let’s say you decide that after a year, you’re interested in getting a new ride. Rather than waiting for a specific period of time to pass, you can exchange that car whenever you wish. You can then use that money to pay of the rest of your loan or choose a new automobile.
Benefits of Leasing an Automobile
Leasing is great if you love getting a new car every few years. Plus, many models come out with new technologies and safety aids every so often. So, when you lease, you can easily take advantage of those new features.
Leasing also allows you to get a vehicle with all kinds of amenities. From heated seats to a fancy navigation system, you can have these luxurious features in your car while sticking to your set budget.
You also don’t need to pay any major repair costs with a leased vehicle since the car is often still under warranty for the duration of your lease. If unexpected repairs do pop up, you’d be covered.
Additionally, you don’t need to go through the selling or trade-in process. As we mentioned before, you simply return the car to the dealership once your lease is up and then you pick out a new ride. It’s as easy as that!
Start Shopping for a New Ride Today
As you can see, there are advantages to buying or leasing a car. If you still need help deciding, contact the experts at BMW of Annapolis. We’ll weigh out the pros and cons, so you can easily determine which option will work for you.
If you’re ready to buy or lease a new vehicle near Annapolis, Highland Beach, or Hillsmere Shores, don’t wait. Contact us today!