Should I Buy Or Lease?

Are you ready to drive a new vehicle around Oakland and Walnut Creek? If so, you might be wondering whether to buy or lease a car! Plenty of drivers throughout the region ask themselves whether leasing or financing a car is right for them. To help you decide what’s best for you, review our leasing vs. buying guide. We review the pros and cons of both options to help you make an informed decision that you are happy with. If you have any questions about leasing and financing, please reach out to us at Concord Mazda. Our finance professionals are always ready to help our customers! 

Leasing Vs. Buying A Vehicle

So, should you buy or lease a car? Leasing a car near Concord is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific amount of time. You won’t build equity as you would from outright buying the vehicle. You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the vehicle, or end your lease.

Compare Leasing And Buying A Car: Pros

Pros of Leasing:

• Lower Monthly Payments: You’ll have smaller payments in general when you decide to lease a car in Concord.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Pros of Buying:

• Ownership: Once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you can do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Mazda vehicle in Concord. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Compare Leasing And Buying A Car: Cons

Possible Cons of Leasing:

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car, and that’s going to be a constant during the time of the lease.

Possible Cons of Buying:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring. 

Buy Or Lease Your Next Mazda With Concord Mazda

So, should you buy or lease a car? Now that you have more information about each possibility, are you ready to schedule a test drive at our dealership? Call 925-326-3000 or contact us online today to make your appointment! We are here to answer any questions you have about leasing vs. financing a car. Our team also invites you to check out our financing application and loan payment calculator.