Leasing vs Buying a Mitsubishi

Set your sights on a new Mitsubishi? Well, once you complete a few test drives around the Oxford and Landenberg, PA, as well as Elkton, MD, areas, your attention will transition from browsing to payment. Here, as you may know, you’ll have two options – leasing and financing.

So, which of these two is the better choice for you and your driving needs? Well, that’ll depend. Fortunately, our team here at Jeff D’Ambrosio of Oxford Mitsubishi is here to help with our leasing vs. buying a Mitsubishi guide!

Leasing and Financing, Fundamentally Different

Ultimately, leasing and financing help you work towards the same goal – getting behind the wheel of a new vehicle. While this is the case, the ways in which they allow you to get behind the wheel are actually quite different.

Closer Look at Leasing

Looking at leasing, you will find that this payment option is a shorter-term commitment. Typically, with a lease, a term will last just a few years. Really, leasing can be looked at like rent. When you select a model and lease it, you will make monthly payments that allow you to drive it. When your term runs out, though, you will return it to the dealership where you bought it.

Closer Look at Financing

Looking to traditional financing, on the other hand, you will find the experience is a bit different. Term lengths with financing are traditionally longer, though this will depend on the amount of money you’re putting down in relation to what you are financing.

When you elect to finance, you will receive a loan from a lender that allows you to drive the vehicle off the dealership lot. Every month, you will pay back this loan with interest until it is paid off, at which point you take total control over the car. Traditionally, finance plans last from 4-6 years, and are seen as a longer-term investment as you own the car outright.

Is Leasing or Financing Better?

Really, there’s no one answer when it comes to the question of which of these payment options is better. Rather, it really depends upon your wants and needs as a local driver.

For example, if you are someone who finds themselves interested in new models often, or are constantly intrigued by the latest and greatest automotive features, leasing could be attractive. With the short-term flexibility provided by a lease, you’ll be able to explore new models regularly.

Conversely, if you are someone who likes to make aftermarket adjustments and add accessories to your vehicle over time, financing is likely the better choice. Traditional financing will grant you the ability to make these alterations since you own the vehicle.

Learn More About Leasing and Financing a Mitsubishi

Whether you have set your sights on a specific model, or you are just curious about your buying options, learning more about leasing vs. buying a Mitsubishi, could be a helpful step to take. Have any questions? Don’t hesitate to contact our team here at Jeff D’Ambrosio of Oxford Mitsubishi. We’re proud to serve drivers in and around the Elkton, Maryland, as well as Landenberg and Oxford, Pennsylvania, areas and will be happy to assist you!