Leasing vs Buying a Car: The Pros and Cons

October 16th, 2024 by

Eich Mazda showroom and offices

When considering a new Mazda, one of the key decisions is whether to lease or buy. Both options come with distinct advantages and drawbacks, and understanding them will help you make the best choice for your needs. At Eich Mazda in St. Cloud, MN, we’re here to help you explore both paths and find the option that best suits your lifestyle and financial goals.

Leasing: What Does It Mean?

Leasing a vehicle is essentially a long-term rental. You make monthly payments for a set period, typically 2-3 years, but you don’t own the car at the end of the lease. Leasing offers lower monthly payments than buying, but it also comes with certain restrictions, such as mileage limits and less freedom to customize the vehicle.

Leasing is ideal for those who enjoy driving a new car every few years and don’t mind these restrictions. It’s also a great option if you’re looking for short-term flexibility without the commitment of long-term ownership.

Benefits of Leasing a Mazda

One of the most attractive benefits of leasing is the lower monthly payments. Leasing allows you to drive a high-end Mazda without the higher costs associated with purchasing. You’ll encounter fewer maintenance issues since you’re driving the car in its newer years, with most repairs typically covered by the manufacturer’s warranty. Another advantage is the ability to upgrade to the latest Mazda models more frequently, ensuring you always have access to the newest technology and design.

Drawbacks of Leasing

Leasing does have its limitations. If you drive frequently, mileage restrictions could become a problem, with extra fees applied for exceeding the limit. Additionally, you won’t own the vehicle at the end of the lease, which means no opportunity to build equity. Leasing also limits customization options, requiring the car to be returned in its original condition.

Couple looking at a vehicle in the Mazda showroom

Buying: What Does It Mean?

When you buy a Mazda, either by financing or paying outright, the car becomes your property. This option gives you full ownership, allowing more flexibility with how you use and maintain the vehicle. You can drive as much as you like, customize it to your taste, and keep it for as long as you want.

Buying is a great option for drivers who plan to keep their vehicle for several years and want the freedom that comes with ownership. It’s also ideal for those who drive frequently and don’t want to worry about mileage limits.

Benefits of Buying a Mazda

The primary benefit of buying is ownership. Once your payments are complete, the car is entirely yours, and you no longer have any monthly payments. There are no mileage restrictions, and you have the flexibility to modify or personalize the vehicle as much as you like. Mazda’s reputation for reliable luxury means purchasing a Mazda can be a good long-term investment, as the brand holds its value well over time.

Drawbacks of Buying

However, buying typically comes with higher monthly payments and larger upfront costs. Over time, the car’s value depreciates, which could reduce its resale value. Additionally, as the vehicle ages, maintenance and repair costs tend to increase. Buying a car is also a long-term commitment, which may not be ideal for those who prefer the flexibility of driving newer models.

Eich Mazda employee speaking on the phone in their office

Leasing vs. Buying a Car with Eich Mazda in St. Cloud, MN

Ultimately, the choice between leasing and buying depends on your driving habits, financial goals, and long-term plans. At Eich Mazda, we’re here to guide you through the decision-making process and help you find the perfect vehicle, whether you choose to lease or buy. Click to explore the current inventory at Eich Mazda in St. Cloud, MN, to find the right fit for you!