Should I Buy or Lease My Next Vehicle?
Should I Buy or Lease My Next Vehicle?
Let’s Talk Buying and Leasing
One of the crossroads that every driver must face is whether they should lease or buy their next vehicle. While there’s no right or wrong answer, some drivers find that their lifestyle is more compatible with one method over the other, while others start with a lease and choose to purchase the vehicle after. If you need some help deciding and you simply can’t decide which path is right for you, come with us as we discuss both leasing and buying and help put your mind at ease. Regardless of whether you choose to lease or buy, we at Hilton Head BMW offer fantastic incentives and support our customers either way. Let’s dive in!
The Ins and outs of Leasing
Leasing is almost like renting a car for a period of time. In its simplest form, it involves you choosing a brand new vehicle and driving it for a few years before either purchasing it to keep or returning it to start a new one. Leasing is great for many drivers because it saves them money. Unlike financing a vehicle, where you make monthly payments on the entire purchase price of your car, leasing only involves you making payments on the vehicle’s depreciation plus a nominal finance fee; making leasing much cheaper than purchasing.
While leasing certainly has its appeal because of its ease, it’s certainly not for everyone. Because leasing is based on a predetermined depreciation, each lease will come with mileage limits, meaning that if you have long commutes and drive more than 10,000 or 12,000 miles per year, then leasing most likely isn’t for you. Because you’re required to return your lease in like-new condition, you also can’t customize and or modify your vehicle. Nevertheless, leasing has been extremely popular, allowing drivers all around the country to drive their dream cars while paying an affordable monthly payment.
The Ins and outs of Buying
Purchasing a vehicle involves a customer paying for the entire purchase price of a vehicle, including taxes and fees. If you don’t pay for the entire vehicle outright, you’ll have to finance the vehicle. Financing is great because it allows you to drive as many miles as you’d like, customize your vehicle how you wish, and keep your vehicle as little or as long as you’d like. Another great thing about purchasing a vehicle is that you get to choose how quickly or how slowly you’d like to pay off the vehicle thanks to flexible finance options.
One of the downsides of financing is that the payments are often higher than that of a lease because you are making payments on the entire purchase price. Additionally, financing a vehicle could leave you stuck if you choose to trade it in shortly after purchasing it. Because a new vehicle sees the bulk of its depreciation within its first three years, if you wish to trade it in shortly after buying it, you may find that you owe more than the vehicle is worth. This position is called being “upside down” on your car’s value, meaning that you’ll have to cough up more money to settle your debt to sell it or trade it in. Still and yet, many drivers are happy purchasing their vehicles and continue to do so every time they come in for a new BMW.
It’s Always Easy with Hilton Head BMW
Here at Hilton Head BMW, we support our customers whether they choose to buy or lease their next vehicle. With a brilliant and hardworking finance department, we’re proud to offer money saving specials and incentives whether you choose to buy or lease your next BMW. Pairing our exceptional inventory with a team of friendly sales staff that provides incredible customer service, you’re sure to have an enjoyable experience whether you choose to lease or purchase. It doesn’t matter if you’re looking at the sporty and versatile and sporty BMW X5 or the iconic BMW 3 Series, our BMW dealer has exceptional options for you to choose from. Make your way down to Hilton Head BMW here in Bluffton, SC and drive home in your new BMW today.