Should I lease or buy?
The decision to lease or buy isn’t a simple black and white choice. It depends on many personal factors that we’re happy to discuss with you when you visit our dealership in San Antonio. Here at Lone Star Mitsubishi, we understand the pros and cons of buying and leasing well and will discuss all of them in detail when you visit. You can also call 210-821-1600 to ask any questions over the phone. Read on for a quick rundown about the difference between leasing and buying.
Buying a Vehicle
When you buy a vehicle, you usually take out a loan unless you're prepared to pay with cash. Almost always, you’ll be required to pay a down payment. Lone Star Mitsubishi will work with you to find the right lender and get you the best rate. From there, each payment you make on the vehicle goes towards you owning the car. Once you pay the vehicle off, it is yours. You are able to sell it or drive payment free for as long as you like! Your car is yours to customize as you wish as soon as you drive off our lot when you buy. Unless provided a warranty, you are responsible for the maintenance costs of your vehicle.
Leasing a Vehicle
Leasing works differently. Usually a lease offers you lower monthly payments and the option to not make a down payment because you are not working towards owning the vehicle, just paying for the use of it. When your lease agreement is up, you might have the option to buy the vehicle, but most choose to return the car to the lot. You are unable to customize your vehicle and risk fees for doing so. You'll also have mileage limits that you should understand well to avoid fees. Your leased vehicle is usually still under warranty so service and maintenance is covered.
As you can see, both options offer pros and cons. It’s important to ask yourself many questions. Since owning a car is a huge responsibility and leaving a lease agreement early comes with monetary penalties, it’s important to consider not just your current situation but the situation you expect to be in for the life of your lease or loan.
Our dealership has a broad selection of new and used Mitsubishi cars, trucks, and SUVs. When it comes to our customers, we are dedicated to providing an excellent customer experience. We can’t wait to talk to you about your financial situation and help you determine if leasing or buying is right for you.