Buying vs Leasing
Should you buy or lease your next vehicle? Both of these financing options have significant benefits, so it’s important to understand which one best meets your specific needs here in Mishawaka, IN. Our finance department at Jordan Lexus of Mishawaka has put together a helpful guide to get you started.
No restrictions: With a purchased vehicle, you won’t be subject to limitations like you would be with a lease. You won’t have any yearly mileage caps to keep track of, you can customize your ride however you please, and there are no special contractual obligations to follow.
The newest and best-equipped models: When you lease a vehicle, you drive it for a set amount of time and then turn it in. This makes it easier to always stay behind the wheel of a newer model. Thanks to the lower costs of leasing, you may also be able to afford a more expensive vehicle or better-equipped trim level than you would if you were buying. This is an especially nice benefit if you’ve always wanted to drive a luxury vehicle but haven’t had the room in your budget.
Contact our finance team at Jordan Lexus of Mishawaka to learn more about the financing options we offer. We’ll be happy to help you find the best possible deal on a lease or a purchase — whichever works best for you.
Benefits of buying
Ownership: When you buy a vehicle, one of the biggest benefits is that you own it. Even if you’re still making payments, you can sell it whenever you like. Eventually, you can pay your vehicle off and not have to worry anymore about that monthly expense. Ownership also allows you to build equity, and you can turn that worth into cash when you’re ready to trade in the vehicle.No restrictions: With a purchased vehicle, you won’t be subject to limitations like you would be with a lease. You won’t have any yearly mileage caps to keep track of, you can customize your ride however you please, and there are no special contractual obligations to follow.
Benefits of leasing
Lower costs: With a lease, you’re not paying toward the whole cost of the vehicle. Instead, your payments cover depreciation and fees for using the vehicle. This usually results in lower monthly payments for leased vehicles. Leased vehicles often come with smaller down payments, too.The newest and best-equipped models: When you lease a vehicle, you drive it for a set amount of time and then turn it in. This makes it easier to always stay behind the wheel of a newer model. Thanks to the lower costs of leasing, you may also be able to afford a more expensive vehicle or better-equipped trim level than you would if you were buying. This is an especially nice benefit if you’ve always wanted to drive a luxury vehicle but haven’t had the room in your budget.
Contact our finance team at Jordan Lexus of Mishawaka to learn more about the financing options we offer. We’ll be happy to help you find the best possible deal on a lease or a purchase — whichever works best for you.