Should I Buy or Lease a Car?
If you’re in the market for a new BMW in Bloomington, you might be asking yourself, “Should I buy or lease a car?” It depends on your unique financial and driving situation. While there are many benefits of leasing a car and many benefits to buying, the choice should be based on your specific needs and your budget. Let’s take a deeper look into leasing vs. buying options so you know which one is best for you.
Benefits of Buying vs. Leasing a Car
- No Mileage Restrictions: If you’re putting a lot of miles on your car as you cruise around St Paul, buying might be the right option for you. The reason is that a lease comes with mileage limits, so you’re not free to drive as much as you want to. Going over the mileage limit on your lease can cost you a lot of money at the end of your contract.
- Customization Options: Buying a car means that’s when it’s paid for, it’s all yours. When you buy a vehicle you can do whatever you desire to it. There are no restrictions on how it’s decorated or modified once it’s yours.
- Potential to Refinance: When you purchase your vehicle, you have the option to refinance your loan at some later date. It’s a good idea if interest rates go down or if your credit score goes up!
- Costs Less in the Long Run: Though buying a new vehicle costs more upfront, it typically will cost you less over time. With total ownership, the auto becomes less expensive to own the longer you keep it.
- Ability to Sell: When you’re in a lease you are locked in until the end of the term, meaning you can’t trade it in. When you buy your vehicle you can sell your car whenever you want. You might even be able to pay off the car loan early.
Benefits of Leasing vs. Buying
- Lower Down Payment: It’s not that unusual to get into a lease for zero down, or very little down. That means even if you haven’t saved up a ton of money for a down payment, you can still get a new BMW!
- Less Sales Tax: In most states in the U.S., leasing a car significantly lowers your sales tax burden. In many areas, you only have to pay tax on the total amount paid, and not on the car’s full value.
- High Approval Rate: Leasing a car is generally easier for those Minneapolis drivers without the best credit or even no credit history. Usually, there are less strict credit requirements for those who choose to lease vs. buying a car.
- Lower Payments: When you lease a car, your monthly payment will typically be much less than buying a car.
- Trade-Ins: When your lease term expires, the process of getting into your next leased car is easy. All you have to do is bring your leased car back to Motorwerks BMW, pay any remaining fees, and drive away in your next new BMW.
- Superb Warranty Coverage: Warranty coverage and routine maintenance are easy when leasing vs. buying. As long as you don’t go over the mileage limit, you’ll be covered for the entire duration of your contract.
Lease Your Next Car From Motorwerks BMW Today
Regardless of whether you choose to lease vs. buy your next BMW, Motorwerks BMW is happy to help you find your next vehicle. Richfield drivers have high standards, and that’s why they keep coming back to Motorwerks BMW year after year. Review our lease and finance specials, and then come to the dealership to get behind the wheel of a new BMW. Give us a call today!
Some of our used vehicles may be subject to unrepaired safety recalls. Check for a vehicle's unrepaired recalls by VIN at Check for Recalls