New Car Lease vs Buy

Leasing vs Buying

Why Should You Lease a New Car?

If you prefer to drive newer, safer, more reliable cars, trucks, or SUVs, but not make a big down payment every few years, and also do not travel an enormous amount every year, then a new car lease may be right for you. Leasing is better for people who prefer to escape the hassle of selling and buying each time they want to drive a new vehicle.

Why Buy a New Car?

Contrarily, if you like long term relationships with a higher sense of ownership and commitment, then buying could be what’s best for you. Car-buying is typically best for shoppers who will not mind driving the same car for over five years or even until it’s no longer fit for the freeway.

Leasing vs Buying: Which Is Right for You?

Knowing the pros, cons, and overall benefits of buying vs leasing a vehicle is important. Be sure to examine factors like potential savings, vehicle ownership, monthly payments, and repair costs when considering the best new car, truck or SUV financing type for you.

Leasing vs Buying: Ownership

When considering vehicle financing, new car or truck ownership absolutely comes along with many well-known advantages, most associated with entire ownership of the car or truck. You may not realize, but, there are also a few great advantages to leasing, as well. It’s important to consider all financial aspects including buyout payments, down payment, monthly payments, term length, interest rate, depreciation, and maintenance & repair costs, before making a decision. A precise audit of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the optimal choice between leasing and buying a new car.

leasing vs buying a new car benefits

Monthly Payments

Car lease payments are often less expensive when compared to car financing and loan payments as the normal lease layout is basically renting with the option to buy out at the end of your lease term. Consider when leasing that you will need a nice credit score, and will be required to carry comprehensive and collision insurance, although the same can be said for the best rate auto loans. Though it may add to your monthly payments, it’s also best to get a model with the features you want or need, as personal satisfaction is often priceless.

why leasing a car is smart

Maintenance & Repair

Auto leases often include regular vehicle maintenance & repair. It is important to keep this in mind when calculating monthly costs of ownership vs leasing. Regardless of which make and model you select, mechanic bills are an unpredictable cost that can rapidly add up. And for those of us who aren’t certified mechanics with a full toolset and hydraulic jack in the garage, leasing is likely the best option for peace of mind.

analysis of leasing vs buying a car

Savings vs Investment

Generally speaking, a new car or truck lease saves money in the short term with lower monthly payments, while buying earns you a long term investment, meaning outright ownership of the value of the car, truck, or SUV at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for going over mileage, terminating the vehicle lease early, or putting on excessive wear and tear. For your best investment on a purchased/financed vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.

Lease Buy
New Vehicles Available Available
Pre-Owned Vehicles Not Available Available
Vehicle Customization Not Available Available
Poor Credit Financing Not Available Available
APR % Credit-Based Credit-Based
Ownership No Ownership Pride of Ownership
Down Payment Smaller Down Payment Larger Down Payment
Monthly Payment Smaller Monthly Payments Larger Monthly Payments
Savings/Investment Short Term Savings Long Term Investment
Finance Term Approx. 2-4 Years Approx. 3-6 Years
Maintenance & Repair Costs Typically Included Not Included

Lexus Lease and Finance Offers In Santa Fe NM

Lexus of Santa Fe knows that choosing the right Lexus car and financing option is never easy. Our team of experienced Lexus lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in Santa Fe, NM. We look forward to serving you.

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Google Sep 18, 2020

Good people top to bottom. Always finish service on schedule. Great attitude.

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Google Sep 17, 2020

Excellent!!! I purchased my Lexus NX200T from Lexus of Santa Fe Friday. I’m beyond pleased with the entire experience! My Sales Professional, Christopher Ortega, was an absolute pleasure to work with. There was no pressure, I didn’t feel rushed. He listened to me, was extremely knowledgeable and made the process quick and painless with the clearest of communication. The final price was as negotiated with no last-minute surprises. I have never experienced buying a car with such ease. I will definitely buy again from Christopher at Lexus of Santa Fe when I upgrade.

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Google Sep 16, 2020

Adam was very helpful in getting my 2017 Lexus NX a 25,000 mile serviced.

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Google Sep 11, 2020

I had my 50,000 mile service on 2017 Lexus 350. Adam was professional, following COVID guidelines and my car was returned sanitized as well as the key fob. All service was completed in a timely manner. I have been using the Maintenance Department at this dealership since 2013. They are consistently excellent.

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Google Sep 10, 2020

Sonia, was professional and provided excellent customer service.

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6824 Cerrillos Road • Santa Fe, NM 87507

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Lexus of Santa Fe 35.623, -106.02728.