Should I Buy or Lease?

Car dealer giving car key to buyer

Are you looking to upgrade your Fort Lee commute with a luxury new or pre-owned Jaguar? If so, you may be wondering, “Should I buy or lease?” There are pros and cons to buying vs. financing a vehicle, but it ultimately depends on your financial situation and your driving habits. Read this guide by the finance experts at Jaguar Manhattan as we compare the upsides and downsides of leasing vs. buying in New York. 

Leasing vs. Buying: Cost Differences

When shopping for a new vehicle in the Englewood area, price is going to be a major factor. Here are some cost-related factors to consider when comparing leasing vs. financing: 

Leasing

Pros: 

  • You’ll have lower monthly payments than you would when financing.
  • There is lower sales tax.
  • You’ll have a small down payment or no down payment at all.
  • Leased vehicles are covered under a warranty so there are no escalating service/repair costs.

Cons: 

  • There won’t be a significant change to payments when securing a new lease every few years. 

Financing

Pros: 

  • You have the opportunity to work towards eliminating your monthly payment. 
  • Purchasing a used car is more affordable than leasing a brand new one. 
  • Paying off a financed vehicle will cost less overall than continuing to lease.

Cons: 

  • As the vehicle ages, repair costs will increase. 

If you intend on driving your vehicle around New York for 3 to 5 years, and you want the latest features, then leasing may be the more affordable option for you. 

Leasing vs. Buying: Mileage Restrictions & Limitations

Leasing

Cons:

  • There are strict boundaries and mileage restrictions that you have to follow. If you exceed these limitations, you’ll likely have to pay a penalty fee. 

Financing

Pros: 

  • Since you own the vehicle, there are no restrictions and you can drive as much as you want. 

If most of your driving is done around The Bronx, then you may prefer to lease a vehicle. However, if you’re someone who enjoys taking road trips, or you intend on putting a large number of miles on your car, buying would probably be the best option for you.

Leasing vs. Buying: Customizations 

Leasing

Cons: 

  • The vehicle has to stay as close to factory condition as possible since the dealership owns it. 

Financing

Pros: 

  • You can make whatever modifications or customizations to the vehicle that you want since you own it. 

If you’d like to add performance-enhancing parts or make any type of customizations in general, purchasing a vehicle is the best option for you. 

Leasing vs. Buying: Overall Freedom & Flexibility

Leasing

Pros: 

  • Leasing a vehicle is oftentimes easier than trying to apply for a loan.
  • There’s a simple return process at the end of the lease term.
  • At the end of your lease term, you can either upgrade to a new model or purchase the current one. 

Financing

Pros: 

  • You have the ability to sell or trade the vehicle at any time if you owe less than what it’s worth.
  • If you’re looking to secure a lower interest rate, refinancing your loan is a possibility.
  • You can keep the car for as long as you choose. 

Buy or Lease a New Vehicle at Jaguar Manhattan

If you’re still asking yourself, “Should I buy or lease?” contact us today to speak with a member of our finance team and see which option is best for you. We’re always here to help you secure the keys to a luxury new Jaguar for a price that you love! 

 

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