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Should I Buy or Lease a New MINI?

Deciding to get behind the wheel of a new MINI when your San Francisco commute is due for an upgrade is a simple decision! For many drivers, the not-so-simple decision comes when they have to choose whether to lease vs. buying their car. “Should I buy or lease?” is one of the most important questions you’ll ask as a car-buyer, so we’ve put together an in-depth guide highlighting the benefits of both! Keep reading to make a well-informed decision in Pleasanton.

Lease vs. Buying: Total Costs

  • Leasing has the perk of lower monthly payments, as well as fewer taxes and a smaller down payment to be made – though if you lease with bad credit, your deposit may be higher. If you lease a new car every couple of years, your payment won’t change drastically. You also won’t spend as much on maintenance, as you’ll have warranty coverage during the lease period.
  • Financing means once you’ve paid off your car, you’re no longer making any payments. Paying off a financed car saves more money in the long run than if you were to continuously lease, but as the vehicle starts to age, you’ll have to factor in the cost of out-of-warranty repairs and maintenance.

Things to consider: If your ultimate goal is to own your vehicle for many years, financing will be your best option. If you care more about upgrading to a brand-new ride with the most up-to-date features every two or three years, leasing will probably be the most cost-effective option.

Lease vs. Buying: Contractual Restrictions

  • Leasing a vehicle comes with certain contractual restrictions. There will be a mileage limit that, if exceeded, will incur a fee when you return the vehicle. 
  • Financing a vehicle doesn’t come with any sort of restrictions to adhere to.

Things to consider: If you have a very long commute to and from Oakland every day, financing will eliminate the worry of exceeding a mileage limit. If you’re mostly just cruising around Livermore each day, you may do better to lease.

Lease vs. Buying: Customization

  • When leasing a car, the dealership still owns it. This means you won’t be able to customize it much, as the dealership will want to have it returned in factory condition.
  • When you finance a car, you’ll be able to customize it however you please. You should still be careful, though, as aftermarket parts and accessories can jeopardize your warranty coverage if they cause any damage.

Lease vs. Buying: Flexibility & Future Options

  • Financing gives you options. You’re obligated to pay back your lender, but you’re still free to sell the vehicle at any time if you have positive equity. There is also the possibility of refinancing in the future to get a better interest rate.
  • Leasing is simple with East Bay MINI. All you really need to do is mind your mileage and bring your leased vehicle in for all of its service intervals. When the lease is over, simply return it to the dealership! At this point, you’ll have several options: buy out the lease, start a new lease, or settle any remaining fees and take some time to think about your next move.

Get Leasing or Financing at East Bay MINI

Are you still asking yourself, “Should I buy or lease?” The friendly finance team at East Bay MINI can help! We’ll work with you to find the best solution for your needs and guide you toward a great lease or loan offer.

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4340 Rosewood Dr • Pleasanton, CA 94588

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East Bay MINI 37.700250, -121.876910.
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