New Car Leasing vs Buying

Lease vs Buy

Why Should You Lease a New Car?

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.

Why Should You Buy a New Car?

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.

Buying vs Leasing: Which Is Right for You?

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.

Buying: Ownership vs Leasing

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.

pros and cons of leasing vs buying a new car

Monthly Payments

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.

more expensive to buy or lease a new car

Maintenance & Repair

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.

is leasing better than financing

Savings vs Investment

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.

Lease Buy
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
APR % Credit-Based Credit-Based
New Vehicles Available Available
Pre-Owned Vehicles Not Available Available
Vehicle Customization Not Available Available
Poor Credit Financing Not Available Available

Porsche Lease and Finance Offers In El Paso TX

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.

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Google Jan 18, 2021

Excellent customer service. Friendly staff will go above and beyond to meet your needs. Will definitely put your mind at ease when having your Porsche serviced by answering any questions you might have.

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Google Jan 16, 2021

Excellent customer service from Liz the Service Director.

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Google Jan 13, 2021

The customer service by Mr. Juan Jurado was outstanding. His respectful, patient and open-minded approach contributed greatly in our decision to buy a Porsche. He helped us through the buying process and even afterwards continued to check on us to make sure all of our questions were answered. On the day we picked up the vehicle, Juan and the manager Jeff stayed an extra 2 hours to finalize everything and to go over all the details in the vehicle one more time until we felt confident. We highly recommend this dealership.

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Google Jan 13, 2021

Staff were polite, friendly and competent. Sales process was smooth. Facility was comfortable with excellent coffee and good snacks. Pretty much what we would expect from a Porche dealership.

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Google Jan 12, 2021

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Porsche El Paso 31.886847, -106.583343.