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Before you can drive home with a new Acura, you need to decide whether to lease or buy it. The choice of leasing vs. buying ultimately depends on your specific needs and budget. Let’s discuss the factors you should consider before visiting our Acura dealership to shop for your next ride.
Consider Your Budget
Buying a new Acura requires a large upfront investment. You will need to secure financing and make a down payment. On the upside, you get to build equity in the vehicle as you pay down the loan. You can trade in the Acura in the future for a newer model.
With a car lease, initial costs and monthly payments are lower because you are essentially paying for the car’s depreciation during the lease term. Leasing also requires little to no down payment. This makes it an attractive option if you have limited savings or a tight monthly budget.
Assess Your Driving Habits
How many miles do you clock per year on average? If you are a high-mileage driver who does long commutes and regular long trips, you should consider buying your next Acura. Since you own the vehicle, there are no mileage restrictions or penalties for excessive usage.
Leasing is a great option for drivers who clock less than 15,000 miles a year. Your lease will come with an annual mileage restriction. Exceeding this limit will attract a fee for every extra mile. Only lease an Acura if you plan to use it moderately throughout the lease term.
Decide How Long You Plan to Keep the Car
Do you prefer switching cars every few years or driving the same car for five or more years? If you enjoy getting a new car every few years, leasing is a great option. At the end of the lease, you can return the car and get the latest model without worrying about depreciation costs.
Buying makes more sense if you like to keep the same car for years. With new cars losing around 20% of their value in the first year of ownership, it’s not financially wise to sell your car shortly after buying it. Keep the car longer and maximize its value before trading it in for a new one.
Consider the Overall Maintenance Costs
Leasing an Acura is a great option if you don’t want to worry about huge maintenance costs. New Acuras come with a four-year/50,000-mile limited warranty, which means you will be covered throughout the typical lease term of 24 to 48 months.
If you decide to buy, you will be responsible for maintenance costs once the warranty expires. However, you can avoid huge repair costs by getting Acura Care. Acura Care is an extended warranty that provides coverage for up to eight years/120,000 miles.
Whether you lease or buy your next Acura, you are in for an enjoyable driving experience. Visit Ed Martin Acura in Indianapolis, IN to explore our Acura inventory. Our team can help you crunch the numbers and choose the option that aligns with your needs.
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