Should I Buy or Lease?

Are you debating leasing vs. buying regarding your next Topeka commuter? Whether you’re looking at a new or pre-owned BMW, Volkswagen, you might be wondering, “Should I buy or lease a car?” This is a major decision, and it’s something you should consider when it comes to your planned budget or needs.

At Aristocrat Motors Topeka, we know that car buying is a time-consuming process, and that’s why we’ve written pieces covering different auto topics. After all, our sole priority is to make your vehicle purchasing process as simple and transparent as possible. Find out whether you should buy or lease a car with the team at Aristocrat Motors Topeka near Topeka!

Leasing vs. Buying a Vehicle

So the question remains: Should I buy or lease a BMW, Volkswagen? Leasing a car in Kansas City and beyond 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.

Pros and Cons of Buying a Car

Pros:

• Ownership: You will always buy the car; 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 BMW, Volkswagen vehicle around Manhattan. 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.

Cons:

• 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. 

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You’ll have smaller down payments in general when you decide to lease a car in Topeka.
• 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.

Cons: 

• 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.

Buy or Lease Your Next BMW, Volkswagen with Aristocrat Motors Topeka

As you can see, leasing vs. buying entirely depends on what’s better for your budget and needs. Regardless of your preference, we encourage you to check out our new vehicle specials to see what catches your eye and provides a reliable option for driving around Kansas City. If you have any further auto financing questions, we’re always happy to provide you with more information in person at Aristocrat Motors Topeka!