There are a lot of reasons to explore getting a new BMW vehicle, as these cars are continually updated with cutting-edge engineering and new tech amenities. But a lot of Mamaroneck drivers set on an X1 or an M3 end up asking themselves the same question: should I buy or lease? BMW of Mamaroneck covers the many factors to consider when you’re looking at car financing and leasing options below!
Should I Buy or Lease?: Benefits to Leasing
You can get a lot of vehicles if you’re using the lease offers in Mamaroneck-area dealerships. When you lease a vehicle, you’re simply paying the dealership to “rent” the car for a pre-specified time of use. Although this means the dealer has more control, it gives you a lot of benefits if you’re looking to enhance your Harrison commute:
- Lower Monthly Payments: Although your payments are up for negotiation, generally speaking, lease payments are lower than the monthly payments on a loan. Your down payment will also probably be lower.
- Latest Models: If you’re the kind of person who loves to explore the latest luxury gadgets and performance perks on cars, a lease is a great way of doing so without breaking the bank.
- Coverage: Because the dealership still owns the car, they’ll cover it with a manufacturer’s warranty that will ease your mind.
- Trade-Ins: Dealers like BMW of Mamaroneck make it ease to trade-in your leased vehicles with a Lease Return Center.
But you’ll also have to consider a few factors when leasing that could change your mind:
- Mileage Limits: Dealerships will put a mileage limit on your vehicle. This can be a large number, but it could prevent you from taking your vehicle to places you’d like to visit.
- Fees: Disposition fees, acquisition fees, and others aren’t necessarily non-starters, but they are worth considering when you’re budgeting for a lease.
If you’re looking to lease, don’t just consider your budget and credit score. Also think about your use for the car, whether it’s for commutes or road trips. Also think about how long you expect to keep your vehicle.
Should I Buy or Lease: Benefits of Buying
So, you want to buy a new car? There’s nothing quite as exciting as working toward full ownership of a brand-new, state-of-the-art vehicle. Here’s why you should consider buying:
- Money Towards Ownership: You’re putting money into owning your vehicle, instead of giving it to the dealership. In the end, this means buying a car is more valuable than leasing a car.
- Customization: With no mileage limits or other contractual obligations related to the car’s condition, you’ll be able to customize at a New Rochelle-area parts center.
- Specials: Leasing isn’t the only way to save on payments. Many dealerships offer new vehicle specials and select financing programs to help drivers drive home in their latest models.
Car owners face a few obstacles compared to lease owners:
- Depreciation: This is a commonly known issue for some car owners. A vehicle depreciates a lot during its first year of ownership, giving your asset less value. This is why many pursue buying used vehicles.
- Credit: You’ll want to have a good credit score, especially if you want to get a deal on a new vehicle that doesn’t have too much interest. Otherwise, you may risk going underwater on your loan.
It’s even possible to refinance a car loan!
Choose Your Car and Your Payments and BMW of Mamaroneck
At BMW of Mamaroneck, we know that Mamaroneck drivers have diverse needs. That’s why our finance center is ready to help with multiple options for financing and leasing our wide inventory of vehicles. Contact us today for more information on if you can trade in a lease, our BMW SUV lease options, and more!