If you like to drive newer, safer, more reliable cars or trucks, but not pay a large down payment every 3-4 years, and also do not drive an excessive amount every year, then a new car lease may be right for you. Leasing is best for those who prefer to bypass the hassle of selling and buying each time they want to drive a new car or truck.
Conversely, if you like long term relationships with a higher sense of ownership and commitment, then buying may be what’s right for you. Car-buying is typically best for people who will not mind driving the same car, truck, or SUV for over five years or even until it is no longer suitable for the street.
Knowing the pros, cons, and overall benefits of leasing vs buying a vehicle is critical. Be sure to contemplate potential savings, vehicle ownership, monthly payments, and repair costs when considering the best new car financing type for you.
When considering vehicle financing, new car ownership surely comes along with many well-known advantages, most associated with absolute ownership of the car, truck or SUV. You may not be aware, however, there are also a few great benefits of leasing, as well. It’s imperative to consider all financial aspects including term length, down payment, monthly payments, buyout payments, interest rate, depreciation, and maintenance & repair costs, before making a decision. A close audit of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the ideal choice between leasing and buying a new car or truck.
Car lease payments are often times less expensive compared to car financing and loan payments as the standard lease structure is more-or-less renting with the option to purchase at the final payment of your lease term. Remember when leasing that you will need a higher credit score, and will be required to carry collision and comprehensive insurance, though the same can be said for the best rate auto loans. Although it may add to your monthly payments, it’s also better to select a model with the features you want or need, as personal satisfaction is often priceless.
Auto leasing often includes regular vehicle maintenance & repair. It’s important to remember this when projecting monthly costs of ownership vs leasing. No matter which make and model you select, mechanic bills are an unpredictable cost that can quickly add up. And for those who are not certified mechanics with a full toolset and hydraulic jack in the garage, leasing might be the best option for peace of mind.
In general, a new vehicle lease saves money in the short term with lower monthly payments, while buying gets 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 terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For the best investment on a financed/purchased vehicle, you can pay it off in a shorter term and also avoid excessive wear and mileage.
|Ownership||No Ownership||Pride of Ownership|
|Down Payment||Smaller Down Payment||Larger Down Payment|
|Monthly Payment||Smaller Monthly Payments||Larger Monthly Payments|
|Maintenance & Repair Costs||Typically Included||Not Included|
|Savings/Investment||Short Term Savings||Long Term Investment|
|Finance Term||Approx. 2-4 Years||Approx. 3-6 Years|
|Pre-Owned Vehicles||Not Available||Available|
|Vehicle Customization||Not Available||Available|
|Poor Credit Financing||Not Available||Available|
Porsche El Paso knows that choosing the right Porsche car and financing option is never easy. Our team of experienced Porsche 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 El Paso, TX. We look forward to serving you.
I highly recommend this dealerships service and parts department. If you're lucky enough to pick, request service tech Wade! Joel in parts and Liz and Sergio in the service department all Bend over backwards to take care of you and your car. Thank you all and you definitely have a customer for life!
I would highly recommend Porsche El Paso to anyone in the market for a new or gently used Porsche. My experience with Greg Zugay, who eagerly answered my questions and gave needed advice when asked, to the timely help and excellent communication of Jose Bustillos, my financial contact, the entire experience was outstanding. When you are looking for your dream car, you certainly hope that the buying experience is one that matches the marquee that you have chosen. I can confidently say that the staff of Porsche El Paso not only matched my expectations, they exceeded it, and continue to ...
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