MAZDA Financing vs Leasing: Which is Right for You?

Once you’ve chosen the perfect vehicle, you’ve got one more big decision to make. Do you want to lease your new car or apply for Mazda financing? Sentry West Mazda outlines both options to help you decide which is right for you.

Perks of Financing

With financing, you apply for a loan to cover the entire price of a vehicle and pay it back in monthly payments. This can take 36 to 84 months, depending on the terms you choose. As you make payments, you’ll build equity until you own your vehicle outright. You can sell your vehicle at any time and apply any positive equity towards a new purchase, or you could keep your vehicle and live without an auto payment.

Perks of Leasing

Leases are technically a long-term rental. Most leases last 24 or 36 months, and then you return your vehicle to the dealership. Since you’re only borrowing the vehicle, you only pay the estimated depreciation during your lease. This makes leasing more affordable than financing, with smaller monthly payments. Plus, you have the flexibility of upgrading your vehicle every few years, while avoiding the hassle of selling.

Choosing One Option

Leases have a mileage allowance, so financing is arguably the better option for people who drive a lot. You also can’t modify a leased vehicle. However, leases are better options for drivers who enjoy consistently upgrading to the latest styles and newest technology. Warranty coverage typically lasts throughout the duration of a lease, so you could also avoid expensive repairs that you may face with an older model.

Shop Our New MAZDA Models in Shrewsbury, MA

Whether you’re interested in financing or leasing, we can help. Stop in and discuss your options with the financial experts at Sentry West Mazda today!

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