Buying Versus Leasing

Buying vs. Leasing

Should I Buy or Lease my Next Car?

Shoppers around Ohio might not know about the benefits of buying a car or leasing one. Each has its benefits and drawbacks, but the decision ultimately rests on your shoulders. Both options present a preferable alternative to simply purchasing a vehicle with cold-hard cash; even a used car can run a high out-of-pocket cost compared to buying groceries. Leasing a car, or financing through an auto loan, enable drivers to streamline the cost of a vehicle into a structured process, so let us go over the finer points of buying versus leasing at Byers Mazda. When you want to move forward with an auto Loan or Lease, schedule an appointment and see us at 2455 Billingsley Rd in Columbus to learn more. Shoppers will find us just a 15-minute drive outside of Westerville.

Click through the tabs to compare buying vs. leasing.


Ownership

 Buying

Whether buying outright or financing through a loan, the result becomes the same: ownership. By the end of an auto loan, your new Mazda or used car becomes yours to trade, sell, keep, or donate as you like.
  

 Leasing

Lease agreements work more temporarily, so your payments only cover a certain cost percentage of the vehicle. Lease contracts set specific parameters for the time months and miles that you may drive the vehicle but, once the contract concludes, you can bring the Mazda back to us and pick out another to lease.

Payments

 Buying

When you finance through our dealership, you work with an approved bank or other lending institution to pay off the total cost of the vehicle. Our dealership works with several banks around the Columbus area, so you can choose between these or select your bank. Payments typically occur monthly with a down payment often due at loan signing, unless otherwise specified.
   

 Leasing

In a new Mazda lease, you still make payments monthly with a down payment (unless specified), but your payments remain lower as they only cover a certain percentage of the car. You will not build equity as you would in an auto loan, but your short-term costs remain lower, with some lease contracts not even requiring down payment.



Maintenance

 Buying

As you own the vehicle, you may choose where and when to have it serviced. However, to preserve the longevity of your new Mazda or used car, we recommend bringing it to our service garage and adhering to the maintenance schedule in the owner's manual. Our dealership offers specially-trained Mazda technicians and genuine parts.
   

 Leasing

Routine maintenance constitutes a crucial necessity in leasing as any extra damage incurred to the vehicle (outside of approved wear and tear) could result in higher financial penalties upon the lease end date. However, your Mazda remains under warranty, so out-of-pocket service costs will likely remain low.

Mileage

 Buying

In an auto loan, you face no restrictions for mileage, so you may take it anywhere throughout Dublin and beyond. Loans also do not present restrictions towards customizations, if you wish to accessorize your new or used car.
    

 Leasing

Through lease agreements, we will work out a deal where your monthly payments come based on a mileage limit, with some contracts offering high mileage and some offering the minimum amount. While you should plan the mileage accordingly, overage fees can occur if you exceed the limits.

Wear & Tear

 Buying

As long as you make your monthly payments, the new or used car becomes yours to do with as you like in an auto loan. You may solve excessive wear and tear with routine maintenance, but it does not constitute a requirement as it does in leasing.
      

 Leasing

While normal wear-and-tear comes covered under warranty, excessive wear can incur additional penalties when the lease contract concludes. Before the lease contract concludes, you should schedule a service appointment to ensure any extra repairs get addressed and that any excess wear-and-tear undergo resolution.

Start Financing Today!

If you have any further questions about financing or leasing, then call us at Byers Mazda or drop us a line here on our website. When you want to get started, schedule a test drive, start an application online and see us on Billingsley Rd in Columbus, less than to minutes outside Hilliard.

We look forward to meeting you!

Make an Inquiry



Contact

Byers Mazda

2455 Billingsley Road
Directions Columbus, OH 43235

  • Sales: (888) 815-3462
  • Service: (866) 225-4776
  • Parts: (866) 810-7171
Schedule Service