Leasing vs. Buying a Car: Which is Right For You?

BMW of Tampa is a full-service BMW dealership with a friendly and knowledgeable team who will help you find, finance, and care for your BMW car, EV, or SUV. We share our inventory online to make shopping easy. You’ll also find our latest leasing and financing specials on our website. If you have questions about buying or leasing a new BMW, the professionals in our finance center have the answer.

Benefits of Leasing a New BMW

Drivers around Clearwater and St. Petersburg rely on the finance team at BMW of Tampa for great lease deals. Car leases offer several benefits, especially for drivers who enjoy having a new car every two or three years. Our BMW leases have low monthly payments because BMW vehicles have high residuals – they hold their value well.

When leasing a car, drivers pay for the time they have the car. The monthly payment is based on the sticker price minus the residual value, then interest is added, and the total is divided into the lease term. Most lease terms are for two or three years. Because the residual value is determined when the car is new, leases always have mileage limits – usually between 10,000 and 15,000 – and restrictions on customization.

At the end of the lease term, drivers have a few choices. They can return the car and lease or buy a new one. They can also purchase their leased car, often for the residual value. If you return the car and it has excessive mileage or excessive wear and tear, you’ll be assessed a fee. It can also be difficult to get out of a lease early, although BMW often offers lease specials for loyal customers.

Financing a New Car with an Auto Loan

If you drive a high number of miles, an auto loan is often a better choice. They have fewer limitations than a leasing contract, and they help owners build equity. It’s possible to get long-term auto loans, and with interest rates dropping, loans are becoming more attractive for more car buyers.

Monthly costs involve the sticker price minus a down payment. Your loan term often dictates the interest rate and shorter loans usually have lower rates. When your loan is paid, the car is yours, but you can sell the car at any time and use the equity in the vehicle toward a new car. It’s possible to get car loans for terms between 24 and 92 months.

Explore Your Financing Options at BMW of Tampa in Tampa, FL

The finance team at BMW of Tampa can help you choose between a loan or lease depending on your driving needs. We offer several online services like our finance application and payment calculator to make car buying more convenient and stress-free.