Car purchase and BMW lease deals present a wide range of advantages to customers. While leasing may appear to be the best option for most people, an outright purchase may be the best option for others. In choosing between these two options, customers may find it a tough choice and this is why we have collated a few question which may be able to help you make the best decision for your financial state and overall satisfaction.
- How far do you drive?
A standard car lease contract includes certain specification which includes mileage. While there are different needs for vehicles, it is important that you ask yourself and answer honestly how far you are willing to drive once you have the car.
Taking into account that a standard car lease offers about 12,000 miles a year which translates to 36,000 miles for a typical three-year lease contract, be sure that you are able to remain within this mileage if you choose the lease option.
However, should you choose to lease the car with the hopes to exceed the mileage accommodation, it is recommended that you buy extra miles upfront as this is an option you can discuss with your dealership.
Generally, high mileage drivers are better off purchasing cars than leasing it.
- Do you use your car for business purposes?
If your car is aimed at making a statement for business purposes, then you may want to strongly consider leasing a car. With car lease, you get to choose some of the latest and best cars available on the market for a lesser monthly payment plan. In general, as a real estate agent, CEO or someone who wishes to impress clients by taking them to lunch, a car lease may be the best option for your needs.
- How clean can you keep a car?
Most common lease agreements last a period of three years and this allows you to care for the car and enjoy the luxury offer for this time period. However, one of the basic disadvantages of this is that you have to keep the car in tip top and pristine condition. If you are generally a rough car user, you may be better off purchasing a car than leasing it. Should you choose to add extra additions such as hot rims, running boards or spoilers to the car, you may have to take them out at the end of the lease term.
- Strong on credit but short on cash?
If you are strong on credit but short on cash, there is a likely option that would work good for you and this revolves around getting a car lease. With car lease, you can enjoy little to no down payments, friendly monthly payment plan and also the flexibility of choosing a modern, attractive and high profile car. Car leasing allows you maximize cash flow as you will only be paying for the depreciation cost of the car which is associated with the current usage.
- Do you like to customize your car?
For people who love to pimp their cars and add the latest additions, leasing a car may not be the best idea as you will have to remove all additions to the car, returning it to its stock features at the end of the lease period. In most cases, people with love for custom car features are better off purchasing a car than leasing them. You may however choose to enjoy the benefits of car leasing and have the car stripped at the end of the lease period.
- Does newest car model appeal to you?
Car appeal is a great factor to base decisions on, however, keeping up to date with the latest car models may leave a huge hole in your bank account. However, depending on the term of lease, whether short term or long term, you can enjoy the advantage of keeping up with the latest cars in the automobile world. Car leasing is a great idea for car lovers who wish to stay up to date with the latest car models for a lower fee.
- Are you comfortable with car payment plans?
Car payment plans are great for persons with steady income flow, however, this may not necessarily be the best option for contractors or others without a steady stream of income. Consider monthly payment plans and your finances, if you are comfortable paying by the month, then car leasing may be the best option for your needs.