Once you've finally found the vehicle that best fits your needs and preferences, the next step is to select how you'll pay for it. Other than paying off the car in cash upfront, your two options are leasing or financing (taking a loan)? But which method is a better fit for you? To help you in your decision, we'll give you a quick overview of the distinguishing characteristics of each.

To start, the primary difference between a lease and a loan is ownership. With financing, you will eventually own the vehicle's title, and with leasing, you are paying for the vehicle's use for a set amount of time.

Leasing a new MINI near Pembroke

There are several aspects to a lease that many shoppers may find preferable compared to financing. First, you'll generally pay less to lease over the same time span. This is due not only to lower monthly payments but also less tax, since, in Massachusetts, tax is charged on the individual payments, not the whole cost of the vehicle. And, due to a lease's fixed term (typically 2-3 years), you're not saddled with a long-term commitment and can enjoy the features of a new model more often. Furthermore, leased vehicles are always under warranty, and the contract protects lessees from depreciation.

There are a few restrictions to consider when leasing, including mileage limits, not being able to modify the vehicle, and responsibility for damage beyond "normal wear and tear." However, there are additional coverage options to mitigate the cost of excess damage. At lease-end, you can upgrade to the newest model, try a different one, or convert the lease into a loan.

Financing a new Mini in Rockland

A loan requires a longer commitment than a lease, payments are typically a bit higher, and you'll have to pay tax on the full cost of the vehicle. But since you're paying into principal, you will own the vehicle's title after the final payment. You can also customize the vehicle to your liking and sell it at any time, and there are no mileage limits.

Test-drive a new MINI near Hingham and Norwell

Get in touch with South Shore MINI today for more information about financing or leasing and the latest MINI models, options, and new vehicle specials. And if you'd like to explore the accommodations, amenities, performance, and style of a new MINI for yourself, we welcome you to visit our Rockland MINI dealership near Pembroke. We'll be happy to assist you.

Categories: Finance, New Inventory