Should I Buy or Lease?

After finding the right model for you and your Biloxi drives, you may be wondering whether you should buy or lease. It’s a common question that our finance team gets. Learn more about the benefits to buying and leasing to help you make the choice that best suits your financial needs and lifestyle with our finance team at Mandal Buick GMC in Diberville.

Leasing vs. Buying: Long and Short-Term Costs

• Leasing offers lower monthly payments off the bat, all other things being equal. You’ll also spend less on taxes and down payments. However, if you start a new lease every few years, your payments won’t change much over the years. However, you won’t have to worry about escalating service or repair costs.
• Financing gives you a chance to eliminate your monthly payment entirely after the vehicle has been paid off, and buying used is often more affordable than leasing new. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease, but repair costs tend to grow as a vehicle ages.

In short, if you don’t intend to keep your vehicle for longer than three years and want to enjoy the latest features, leasing might be the better option for you. If you’re still set on ownership, talk with our finance team.

Leasing vs. Buying: Mileage & Restrictions

• Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.
• Those who lease their vehicles will have to stay within certain strict boundaries, or pay a fee when their lease term comes to a close. 

Find yourself taking long trips outside of Ocean Springs often? If you choose to finance, you won’t want to be limited to the mileage restrictions of a lease. Buying a vehicle is better for frequent travelers. When you keep your Gulfport drives to local places, leasing could be a good fit.

Leasing vs. Buying: Total Ownership and Customization

• When you buy a vehicle (or finance its full cost), you can add whatever accessories catch your eye. You can also modify the vehicle more extensively with custom parts or upgrades if you choose, although doing so may void your warranty.
• When you lease, you’ll need to keep the vehicle as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it after it leaves your hands.

Leasing vs. Buying: Freedom, Options, & Processes

• Financing offers flexibility. You’re locked into a contract, but you can sell or trade in the vehicle at any time (provided that the vehicle is worth more than you owe). You may also be able to refinance for a lower rate down the line. And of course, the vehicle is yours to keep for as long as you like.
• Leasing is easy and convenient. Just take good care of the vehicle while it’s in your possession, drive it back to our lease return center at the end of your term, and drive home in a new vehicle. You may also have the option to buy out the lease and bring your leased vehicle home for good.

When it comes to the process, both paths are fairly straightforward. However, when you think about getting behind the wheel of a new vehicle, you’ll want to consider what to do with the vehicle once you’re ready to move on later down the road. If you buy, you’ll need to sell the vehicle. With leasing, you can return the car to our dealership and lease another right away.

Explore Leasing and Financing Options at Mandal Buick GMC

Get the process started today when you apply for financing or contact our team to learn more about the leasing process. No matter which you choose, we can help you cruise through town in a model you’ll love.