Before you acquire a new Lexus from your Lexus dealer, you have to make one important decision: should you buy or lease the vehicle? While both options have clear benefits, you need to choose one that suits your needs, driving style, and lifestyle. Here are a few tips to help you make an informed choice.
Should You Buy or Lease a New Vehicle From Your Lexus Dealer?
If you decide to buy a Lexus, you get to finance and own the car. Leasing means you will rent the car for a fixed term and only pay interest on the residual value. Let’s look at the benefits of each option.
Benefits of Buying
You Own the Car
When you buy a new Lexus, you fully own it. You have the freedom to customize the vehicle to your liking and give it a personal touch. You can also sell the car at any point or keep driving it as long as you want. Full ownership gives you more flexibility and control over your new ride.
No Mileage Limits
When you own a car, there are no annual mileage restrictions, as is the case with leases. You can drive as many miles as you want or take long road trips without worrying about extra fees and fines. This makes buying a better option for high-mileage drivers.
Long-Term Savings
Although buying a Lexus requires a larger upfront investment, it can save money in the long run compared to leasing. By financing a purchase, you build equity in the vehicle as you pay the loan. When you eventually trade in or sell the car, this equity can be realized as cash back. You can use it as a down payment for your next vehicle and save money on the purchase.
Benefits of Leasing
Low Upfront Costs
Leasing is an attractive choice because of the low upfront costs. Since you only pay interest on the car’s residual value, the monthly payments tend to be low and manageable. Lease contracts also come with full warranties and maintenance plans that also help keep other costs down during the lease term.
Drive a New Car Every Few Years
If you love the thrill of driving new Lexus models, leasing is ideal for you. Car leases tend to be only two to three years long, so you can enjoy the latest Lexus models, features, and technologies without incurring the cost of vehicle ownership. Once the lease term ends, you simply turn in the car and lease a new one.
Easy to Get Approved
Getting approved for a lease is easier than getting car financing. Lease approvals don’t rely solely on your credit score: they depend on other factors like your income and current debt obligations. You can get approved often if you have poor credit, as long as you have a reliable income to afford the payments.
Choose Your New Lexus Lease or Financing Package Today
Whether you prefer to own or lease a Lexus, we’ve got you covered. Visit us at DARCARS Lexus of Greenwich to explore our inventory of new vehicles. Our finance team can help you choose the best option for your needs.
Connect with us
