Should I Buy or Lease?

car finance paperwork with tiny blue car

Figuring out which Land Rover vehicle you want to cruise along Clearwater streets with is easy. Figuring out whether buying or leasing your new vehicle is a little bit more complicated, especially when both options are great for different circumstances! “Should I buy or lease?” is one of the most common topics that drivers find themselves asking the Finance team at Land Rover Tampa, so we’ve happily broken down the basics.

As mentioned above, neither financing plan is better than the other. However, one will most likely be a better choice for you! Just remember to keep the following factors in mind when you drive in from Wesley Chapel to our lot for a vehicle purchase.

Leasing vs. Buying: Long and Short-Term Costs

  • Financing Gives You a Chance to Eliminate Your Monthly Payment Entirely: 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.
  • Leasing Offers Lower Monthly Payments: You’ll spend less on taxes and down payments with a leasing plan. 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.

The Bottom Line: Most Land Rover 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, connect with our finance team to explore your options. 

Leasing vs. Buying: Mileage & Restrictions

  • Boundaries and Limitations: 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. 
  • No Limits, Endless Mileage: Those who finance with the intent to pursue full ownership will not have to worry about mileage limits or restrictions.

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

  • Have to Maintain Factory Condition: 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.
  • Accessorize and Customize: 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.

The Bottom Line: Off-roading isn’t particularly popular with Land Rover 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: Processes, Options, and Freedom

  • Leasing is Easy and Convenient: 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.
  • Financing Offers Flexibility: You’re locked into a contract, but you can sell or trade in the vehicle at any time (provided that the vehicle is worth more than you owe). 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.

The Bottom Line: The simplicity of leasing is a major draw for drivers in Clearwater and Wesley Chapel. 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. 

Check Out Leasing and Financing Options Available at Land Rover Tampa Today!

Now that you’re more informed about the differences and benefits between leasing and financing a new vehicle, you can start exploring your options at Land Rover Tampa today! Our enthusiastic team is here to help you explore lease options, find new vehicle specials, and break down how to apply for financing

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Land Rover Tampa 28.0521333, -82.4589012.