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Should I Buy or Lease?

Tiny car with coins and finance paperwork

 

Many Rochester Hills drivers ask the Mercedes-Benz of Rochester finance team, “Should I buy or lease?” Sometimes it’s hard to know whether leasing vs. buying is a better fit for you. Here, Mercedes-Benz of Rochester shares some pointers on lease vs. financing a car so you can move forward with confidence with your new Mercedes-Benz in Rochester Hills. 

Leasing vs. Buying: Short and Long Term Costs

  • Leasing typically provides lower monthly payments. You’ll also save money on tax and a down payment. Plus, when you sign a new lease every few years, your payments won’t change much, and you won’t have to worry about escalating service costs or repairs.
  • Financing gives you a chance to eliminate your monthly payment and fully own the vehicle. Buying a pre-owned vehicle is often more affordable than leasing a new one. Troy drivers who pay off their financed vehicle usually spend less money than a driver who continually leases. However, auto repair costs tend to increase the longer you own it. 

The Bottom Line: Drivers around Rochester typically keep their cars for about three years, and most people like to enjoy the latest amenities. If that sounds like you, you’ll most likely find leasing to a better choice. 

Leasing vs. Buying: Mileage Limits

  • Those Sterling Heights drivers who finance a car and desire complete ownership won’t have to worry about mileage limits or restrictions.
  • Those who go with leasing as opposed to financing a car will have to stay within strict mileage limits or pay a fee when their lease is over. 

The Bottom Line: People who commute a short distance around Rochester Hills will probably find a lease suitable to their needs, but those who love weekend road trips will likely find financing a car to be a better fit for them.

Leasing vs. Buying: Customization

  • When you purchase a vehicle for full ownership, you have the freedom to add whatever accessories you desire. You can also modify your car more extensively with custom auto parts, accessories. Remember, though, that it could void your warranty.
  • When leasing vs. financing a car, you’ll need to keep the vehicle in near factory condition because the dealership still technically owns it. And they’ll need to resell it when your lease term ends.

The Bottom Line: If you enjoy off-roading, racing, or heavy customization, don’t lease your next vehicle.

Leasing vs. Financing a Car: Freedom & Options

  • Leasing a car is easy and convenient. All you have to do is take good care of the vehicle while you have it, drive it back to the leasing return center at the end of your term, and drive home in your new Mercedes-Benz. You also have the option to buy out your lease and keep the vehicle for good.
  • Financing provides more flexibility. You have the opportunity to sell or trade in your car at any time. You can also refinance for a lower rate. And you can keep your vehicle for as long as you like.

The Bottom Line: The simplicity of leasing vs. buying is a crucial benefit for many drivers. As long as you’re comfortable maintaining and reselling a car, the money you get for trading in a vehicle you purchased could help offset future expenses. 

Explore Leasing vs. Financing a Car at Mercedes-Benz of Rochester

Now that we’ve answered the question, “Should I buy or lease a car?” when you’re ready to move forward, explore our current leasing and financing incentives and apply for financing online. Don’t wait! Contact us today!

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