If you’re shopping for a new vehicle in West Covina, you may be wondering, “Should I buy or lease?” The answer depends on what’s best for you — there is no right or wrong answer. Both options have benefits, as well as potential drawbacks you should consider before making a final decision. Our knowledgeable finance team is standing by to help you choose the option that makes the most sense for you. Below, you’ll find a leasing vs. financing comparison, and what you can expect from either process.
What Are the Advantages of Buying?
- No Mileage Limits: Buying a car doesn’t involve adhering to mileage restrictions. You can drive as much as you’d like around Covina without having to pay a penalty for exceeding an allotted number of miles.
- Full Ownership: When you buy and repay your auto loan, the car’s title is transferred over to you, meaning you fully own it. It becomes an asset to you.
- Ability to Customize: Modifying your Mercedes-Benz with OEM parts and accessories is 100% acceptable when you own it. Make it stand out with new wheels, or enhance the comfort of the cabin with floor mats, an iPad® docking station, or cargo-area organizers.
- Ability to Sell: If you own a vehicle outright, you have every right to sell it later down the road. You can also trade-in your car at our West Covina dealership, and we’ll take care of the selling process for you!
- Financing Options: Financing a car is typically a more straightforward process than leasing, and you don’t necessarily need perfect credit to obtain a car loan. Later, you can also consider refinancing the loan to possibly get a lower interest rate and monthly loan payments.
- More Affordable in the Long Run: Initially, buying a car is more expensive than leasing a car, because most auto loan companies require a substantial down payment. However, as you chip away at your principal, your monthly cost becomes lower and lower over time.
If you choose to finance, you’ll typically have a choice of direct or indirect financing; learn more about their differences in our separate guide.
What Are the Advantages of Leasing?
- Low Lease Payments: Leasing is an attractive option to many La Puenta car shoppers, because leases often require no down payment or a small down payment. Monthly lease payments are also smaller.
- Reduced Sales Tax: Leasing a car lowers sales tax. In many cases, sales tax is only required on the down payment and the monthly payments.
- Easy Lease-End Options: When the lease period is over, you have a few options available to you. You can swap your leased car for another, buy the car outright, or return the car and walk away.
- Warranty Protection: Lease contracts usually last about two to three years, meaning you’ll enjoy warranty coverage on your leased Mercedes-Benz as you cruise through West Covina.
- Enjoy the Latest Features: Brands like Mercedes-Benz are constantly introducing new luxuries and technologies for drivers to enjoy. Leasing allows you to experience those feature updates every few years.
Compare Buying vs. Leasing at Mercedes-Benz of West Covina
Whether you choose to lease vs. buying, our team at Mercedes-Benz of West Covina can help you secure the Mercedes-Benz lease or finance plan that makes sense for you. Contact us online or call us at 844-314-4913 to speak with one of our friendly staff members, and learn more about your next steps. While you’re here, don’t forget to browse our new vehicle specials for great lease and finance offers, and also be sure to check our guide on lease buyouts—a financing strategy that’s perfect for shoppers who are ambivalent about which road to take.