Buy vs Lease

SHOULD I BUY OR LEASE?

As you consider your next vehicle, you're probably also considering whether you will buy or lease. If you're not sure what the best route is, read on for some of the most asked questions. If you're still unsure, give BMW of Westbrook a call on (207) 544 - 8552 and our team is happy to help. A new car is a big decision, and we want to make sure you are confident in your decision and fully informed whether you buy it or lease it.

What are the main differences?

If you like to have the latest functionalities and technology, consider leasing a new vehicle. If you want to keep your vehicle long term, and own it outright, buying is probably the best fit. Have any questions? Our team at BMW of Westbrook is here to answer your questions.

OUT OF POCKET COSTS:

LEASE:

A typical lease will require you make the first month’s payment and put down a refundable security deposit, though your security deposit may be waived at BMW of Westbrook. You should also inquire about the needed down payment, as well as taxes, registration, and other associated fees may come into play.

PURCHASE:

You'll need to have money for a down payment, taxes, registration, and other fees.

MONTHLY PAYMENT:

LEASE:

Leasing is attractive as you may find that payments are lower. This is because you are only paying for the depreciation of the vehicle during your specific lease terms.

PURCHASE:

If financing, loan payments are much higher than lease payments because you are working to own the car once payment terms are complete.

LIFESTYLE & DRIVING HABITS:

LEASE:

If you travel more than 12,000-15,000 miles/year, leasing may not be the right option for you. If you drive over the negotiated miles, you will have to pay. Typically it costs around $0.15/mile over your limit.

PURCHASE:

Do you like to customize your car? If so, buying may be the right option for you. If you lease a car, depending on the terms you may not be able to perform any modifications. When you buy a car, you have the right to customize it however you would like.

EARLY TERMINATION:

LEASE:

Early termination of a lease can be very costly and most of the time will be just as expensive as sticking with your original contract.

PURCHASE:

If you buy your car, you can sell it whenever you would like. Money from the sale can be used to pay off your loan balance or you you can pocket any money made from a vehicle that has been fully paid off.

END OF TERM:

LEASE:

When your lease is up, you can choose to purchase the car outright or you can walk away and get a new car.

PURCHASE:

When you purchase a car, and your loan is paid off, you can do whatever you would like with the vehicle.

SHOP LOCAL NEW CARS AT BMW OF WESTBROOK NEAR PORTLAND

You'll find a large selection of new vehicles to choose from at BMW of Westbrook near Falmouth. Each vehicle is carefully selected, ensuring it meets our high standards. Whether you’re searching for a car, van, truck, SUV, or crossover, we’ve got the perfect vehicle for you. Visit BMW of Westbrook near Saco today.

Do you have questions on whether you should buy or lease your next car? Visit our dealership located in the Westbrook . The friendly finance department at BMW of Westbrook would be happy to answer any questions you may have about buying and leasing programs.