Should I Buy or Lease My BMW?

So, you know that you want to drive with BMW. What you might not know is whether buying or leasing is a better fit for your unique needs! “Should I buy or lease?” is one of the most common questions that drivers bring to the financing team at our dealership, so we’ve happily laid out the basics.

While neither path is ‘better’ than the other, one will likely be a better choice! Just keep the following points in mind before you drive into Turnersville from Williamstown or Sicklerville.

Leasing vs. Buying: Long and Short-Term Costs

• Leasing offers lower monthly payments off the bat, all other things being equal. You’ll also spend less on taxes and down payments. However, if you start a new lease every few years, your payments won’t change much over the years. However, you won’t have to worry about escalating service or repair costs.
• Financing gives you a chance to eliminate your monthly payment entirely, and buying used is often more affordable than leasing new. Drivers who pay off their financed vehicle will spend less than a driver who continues to lease, but repair costs tend to grow as a vehicle ages.

The Bottom Line: Most BMW drivers keep their vehicles for an average of three years, and just about everyone we talk to wants to enjoy the latest features. If you share these goals, you’ll most likely find leasing to be the preferable option. If you’re still set on full ownership, consider BMW Select Financing.

Leasing vs. Buying: Mileage & Restrictions

• Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.
• Those who lease their vehicles will have to stay within certain strict boundaries, or pay a fee when their lease term comes to a close.

The Bottom Line: Those who commute a short distance will find that the vast majority of leases are suitable for their needs. Those who love their weekenders and road trips will likely find financing to be a better fit.

Leasing vs. Buying: Total Ownership and Customization

• When you buy a vehicle (or finance its full cost), you can add whatever accessories catch your eye. You can also modify the vehicle more extensively with custom parts or upgrades if you choose, although doing so may void your warranty.
• When you lease, you’ll need to keep the vehicle as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it after it leaves your hands.

The Bottom Line: Off-roading isn’t particularly popular with BMW drivers, but many are interested in performance driving and vehicle customization. If that sounds like you, leasing will put obstacles in your path.

Leasing vs. Buying: Freedom, Options, & Processes

• Financing offers flexibility. You’re locked into a contract, but you can sell or trade in the vehicle at any time, even if you’re still paying off your loan. You may also be able to refinance for a lower rate down the line. And of course, the vehicle is yours to keep for as long as you like.
• Leasing is easy and convenient. Leasing requires you to commit to a contract, usually for two to three years, but you may be able to execute a car lease takeover if you won’t need a vehicle for very long. Just take good care of the vehicle while it’s in your possession, drive it back to our lease return center at the end of your term, and drive home in a new vehicle. You might also have the option to buy out the lease and bring your leased vehicle home for good.

The Bottom Line: The simplicity of leasing is a major draw for drivers in Philadelphia and Sewell. Still, if you’re comfortable maintaining and reselling a vehicle, the money you get for trading in a purchased vehicle could help to offset future costs. It’s also true that buying is generally easier than leasing a car with bad credit.

Explore Leasing and Financing Options at BMW of Turnersville

If you’re ready to move forward, start exploring our current leasing and financing specials or simply apply for financing online. We’re here for you by chat, by phone, or by email, and you’re welcome to make an in-person appointment, too. Get started today!