Buying vs. Leasing Advice From Toms River Mitsubishi

Buying vs. Leasing a Car

Discover the Best Option for You at Our Mitsubishi Dealership: Buying vs. Leasing

Understanding the nuances between buying and leasing is crucial for making an informed decision about your next Mitsubishi vehicle. Consider factors such as your financial situation, lifestyle, driving habits, and personal preferences when deciding which option suits you best.


Ownership Benefits

Whether you opt to purchase outright or finance through our Mitsubishi dealership, the vehicle becomes yours to own.

Financing entails meeting lender requirements such as a down payment and timely payments. Most buyers prefer financing, spreading the cost over a few years. Our dealership works with various lenders to secure favorable terms based on your income and credit score.

Initial Investment

When financing a Mitsubishi, a down payment is typically required, usually between 10% to 20% of the vehicle's MSRP. This upfront payment reduces monthly installments. You can also trade in your current vehicle, using any equity as part of the down payment.

Future Value

New Mitsubishi vehicles depreciate over time, but owning builds equity. Regular maintenance at our factory-authorized service center preserves your vehicle's value, ensuring a better return on investment when you decide to sell or trade-in.

Ownership Completion

Upon completion of payments, you'll receive a lien release, signifying full ownership of your Mitsubishi vehicle.

When considering buying a Mitsubishi, consult with our dealership experts for personalized financing options and expert advice tailored to your needs.


Who Owns It

When you lease a Mitsubishi vehicle, you're paying for the privilege of driving it without the burden of ownership. Unlike buying, where you own the car outright, leasing allows you to use the vehicle while the financing institution retains ownership. This arrangement often results in lower monthly payments compared to purchasing.

Leasing a Mitsubishi also provides protection against unforeseen depreciation, such as recalls that may affect the vehicle's value. Since you don't own the car, any decrease in value due to external factors won't impact you as it would with a purchased vehicle.

Upfront Costs

Mitsubishi leases typically have minimal upfront costs, with no down payment required in many cases. You'll usually only need to cover the first month's payment, a security deposit, the acquisition fee, and applicable taxes and fees. However, you have the option to pay more upfront to reduce your monthly payments.

Future Value

With a Mitsubishi lease, you won't be responsible for selling the vehicle at the end of the term, as the financial institution handles this process. However, you must adhere to mileage limits (usually between 12,000 and 15,000 miles per year) and maintain the vehicle according to wear and tear guidelines to avoid additional charges upon return.

Most Mitsubishi lease terms range from two to three years, making it ideal for drivers who prefer driving a new car every few years. Leasing can also enable you to enjoy a higher-end Mitsubishi model for a lower monthly cost, especially if purchasing a car at its market value isn't financially feasible.

End of Lease Options

At the end of the lease term, you have several options. You can return the vehicle, purchase it outright, or trade it in for a new Mitsubishi. Discuss these options with us before finalizing your lease agreement to ensure it aligns with your preferences and needs.

End of Payments

Most people return the vehicle at the end of the lease term, but some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure that you have your lease set up the way you want it.

Best Cars to Lease

The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.

Buying vs. Leasing: Which Is Right for Me?

Shopping for a new car is always exciting, but it can be difficult to choose between buying and leasing a vehicle. If you're on the fence over buying or leasing, talk to a car dealership near you to discuss your options. They'll go over each option and help you find a form of payment that makes the most sense for your financial situation.

The finance center at Toms River Mitsubishi offers a variety of leasing and financing options for the brand-new Mitsubishi and used vehicles in our inventory. If you're ready to lease or buy your next vehicle, contact us online.