Deciding whether you should buy or lease a vehicle can be a stressful endeavor, as the idea of getting a car is a big step for anyone. It is crucial that if you're in the market for a new or pre-owned vehicle, you understand the difference between these two Mazda finance routes so you can make an informed decision based on your budget. Lester Glenn Mazda breaks down the pros and cons of each option below.
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What Happens When You Lease a Car
Many people choose to lease a new Mazda vehicle instead of purchasing one, and there are several advantages to doing so. A lease period is usually shorter than the term of a loan - around 24 or 36 months - and monthly payments are typically lower, meaning you can get a vehicle that may have been outside your means if you were buying.
Once the vehicle's lease period is over, you can lease a new vehicle, meaning you'll always get the latest vehicles every few years, including the key safety, technology, and efficiency upgrades that come with them. If you've fallen in love with your vehicle, you'll also have the option to purchase it at the end of your lease, too.
The primary downside to leasing a vehicle is that you do not own the car, and will have mileage restrictions placed on you as such. This means you can only travel so far with the car, and you cannot modify or change anything in the car.
What Happens When You Buy a Car
When you buy a new or pre-owned Mazda car, you choose to either buy it outright or you can take a loan to pay it monthly. These payments are typically more expensive than a lease, and you won't be able to swap it for a newer car as easily.
However, since you do own the car by going this route, you have no mileage restrictions and can change or modify it however you want. Plus, you can potentially build equity with the car, making this route a good financial investment.
Learn More About Mazda Finance in Toms River, NJ
Whether you are looking to buy or lease your next Mazda vehicle, the team at our Mazda dealership in Toms River, NJ, can help you get into your dream car. Contact us or stop by today to learn more about your Mazda financing options!
