Should I Buy or Lease a Vehicle?

Woman Receiving Keys

If you’re in the market for a new Mercedes-Benz in the Bedford area, you might be asking yourself, should I buy or lease a vehicle? The answer is, it depends on your unique situation. While there are many benefits of leasing a vehicle and many benefits of buying, the decision is ultimately based on your specific needs and your budget. Let’s take a look at a lease vs. buying so you know which is right for you. Then you can come into Mercedes-Benz of Bedford in confidence and ready to drive away in your new car.



Benefits of Buying vs. Leasing

  • Re-financing Options: When buying a car, you can decide to refinance your loan if interest rates drop or something changes. You can also go to either a bank or a dealership for your auto loan.
  • Less Costly Over Time: Though buying a new car is more expensive upfront, it is generally less in terms of cost of ownership over time. With total ownership, the car becomes less expensive to own the longer you own it.
  • No Mileage Restrictions: If you’re putting a lot of miles on your car driving around Beachwood, Mayfield, and beyond, you might want to consider buying vs. leasing a new vehicle. Leases come with mileage limits so you’re not as free to drive as much as you want to, and going over the mileage limit on your lease can cost you a lot of money.
  • Customization Options: Buying a vehicle means that’s when it’s paid for, it’s yours. When you buy a car you can do whatever you want to it, within legal limits. There aren’t any restrictions on how it’s decorated or modified.
  • Ability to Sell: When you’re in a lease, you are locked in until the end of the term, but when you buy your car you can choose to sell it whenever you want.

Benefits of Leasing vs. Buying

  • Don’t Need Great Credit: Leasing a vehicle is generally open to those people without the best credit, or even no credit at all. Although options like guaranteed car financing can make buying easier, there are generally less stringent credit requirements for those who choose to lease, rather than buy.
  • Lower Payments: When you lease a vehicle your monthly payment will generally be much lower than buying a car. In some cases, used car leases may also be available.
  • Less Down Payment: It’s not unusual to get into a lease for nothing down, or very little down. That means it’s no problem if you haven’t saved up a bunch of money for a down payment.
  • Great Coverage: Warranty coverage and maintenance is easy when leasing vs. buying. As long as you don’t go over the mileage limit, it’s covered.
  • Less Sales Tax: In most states in the U.S., leasing a vehicle significantly lowers your sales tax. In some areas, you only have to pay tax on the amount you put down.
  • Trade-Ins: When your lease agreement expires, the process of getting into your next leased vehicle is easy. All you have to do is visit Mercedes-Benz of Bedford, pay any remaining fees, and drive away in your next new car.

Lease Your Next Vehicle at Mercedes-Benz of Bedford Today

Whether you choose to buy or lease your next Mercedes-Benz, Mercedes-Benz of Bedford can help you find the right vehicle for your Cleveland and Lakewood drives. We realize that what works for some people might not work for others. Take a look at our lease specials, and then come to Mercedes-Benz of Bedford for a test drive. We’re always happy to help, so contact us today!

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