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Should I Buy or Lease?

Signing Finance Documents for Car

 

Have you picked out the new MINI model that will best suit your Cranston, RI-area lifestyle and driving needs? If so, you may be trying to decide, “Should I buy or lease?” While there are distinct advantages to both, the answer to that question will depend on what your preferences are and how much you can afford. Explore the differences between leasing vs. buying in this guide from the experts in the Finance Center at MINI of Warwick.

Benefits of Buying

  • No Mileage Restrictions: Buying is a better option if you will be using your MINI for long commutes in the Newport, RI area since a car lease includes strict mileage limits.
  • Financing Options: The process of financing a car is often simpler than leasing, even for those who have a less-than-stellar credit score. You will also have the option down the road of refinancing or paying off your loan early.
  • Less Cost Over Time: While you will pay more upfront when you purchase a car, the vehicle will become less expensive to own the longer you have it.
  • Total Ownership: You have the option to upgrade, modify, or customize your MINI when you buy.

Benefits of Leasing

  • Lower Payments: A car lease comes with a lower down payment or no down payment at all, and the ongoing monthly payments will typically be more affordable than those that come with a new car purchase. 
  • Fewer Sales Tax: In most states, you will not have to pay any tax upfront when you lease a car.
  • Warranty Coverage: A car lease agreement includes warranty coverage for routine maintenance service as long as you stay within the required mileage limit.
  • Upgrade Option: At the end of your lease term you have the option to return your leased vehicle or upgrade to a brand new model with all of the latest features. Just stop by our dealership in Warwick, pay any remaining fees, and drive away in a vehicle that has the most up-to-date amenities and features.

Learn More About Your Leasing & Financing Options at MINI of Warwick

Should I buy or lease? Knowing the difference between leasing vs. buying will ensure that you get the vehicle you want with a payment plan that will fit your budget. Make sure to explore our new MINI lease and finance specials to take advantage of our current offers. If you have any questions about how to take over a lease or would like some tips on buying a used MINI, feel free to contact us.

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MINI of Warwick 41.698937, -71.497406.