Buy vs Lease Meridian MS
Though many drivers are still under the impression that financing a purchase is the only way to acquire a vehicle, an alternative path has been steadily gaining popularity throughout the past few years—leasing. Both avenues present different pros and cons, so the expert team at BMW of Meridian is here to explain how they break down. That way, you’ll be able to decide with greater confidence which plan best suits your individuals needs and lifestyle!
What is a Lease?
You might be wondering what a lease even is, so we’ll start things off by diving a bit deeper into this avenue. When you choose to pursue a lease, you’re essentially borrowing the vehicle for a specified amount of time with a set mileage allotment each year. Since you get to decide how long the lease lasts and how many miles you can drive, you have more control over your own destiny. Plus, the major benefit here is that your monthly rate will be more affordable than with a traditional car loan, since you’re not on the hook for its full value. However, you don’t get to own the BMW at the end of the term.
While you may not have been familiar with leasing, there’s a strong chance you know about financing. To review, this route involves paying off the sticker price of a vehicle over the course of a few years with the goal of eventually owning it once the loan has been fulfilled. Although the BMW will be yours to keep at the end of the four- to six-year financing period, you’ll be shelling out more each year compared to leasing. Furthermore, if you’d like to change things up with a different ride, you’ll have to go through the process of selling or trading-in your vehicle, which may take some time.
Which Path Is Best for Me?
So, which path is best? In the end, it comes down to your personal finances, lifestyle, and other factors. For instance, if funds are a bit low but you still want to drive a new vehicle, then leasing might be the better option. Moreover, individuals who are only interested in being in command of a certain set of wheels for a short-term period should also give some thought to leasing. On the other hand, if owning your car is your primary goal or you want to keep it for a long time, then you might want to pursue a traditional car loan.
We hope that this overview has shed some light on the subject of deciding to buy vs lease in Meridian, MS. For more information about these plans, contact the knowledgeable staff at BMW of Meridian by dialing 601-255-8569. We look forward to speaking with you!