If you want to get a luxury automobile, we encourage you to check out the inventory in our Peabody, MA BMW showroom. As you look through the luxury models in our showroom, you’ll see BMW electric cars, premium hybrid vehicles, and gas-only autos that are all equally luxurious and compelling.

Even if you already know which new BWW model you want to get, you still have another decision to make—should you lease or buy the premium automobile you’re interested in? While some motorists will tell you to buy, others will encourage you to lease. Unfortunately, you can’t rely on anyone’s advice unless they’re familiar with your situation.

In general, leasing is a good idea if you only have a small down payment and you want low monthly payments. Leasing typically requires a smaller down payment than buying. Similarly, the contract usually requires you to make lower down payments than an auto loan would.

That lower down payment and those smaller monthly payments come with a “cost,” however. Leases have restrictions that you must abide by to avoid paying a penalty at the end of your contract. You can only drive a certain number of miles per year, for example, and you must maintain your car in good condition.

While buying a car may cost you more out of pocket, you’re free to do whatever you want with your automobile. When you lease, you have to return your vehicle after a given number of months. If you purchase a car instead, you can keep it for however long you want and you can sell it at will, things you can’t do when you lease an automobile.

If you need help choosing between buying and leasing, we encourage you to speak to the experts in our BMW finance center near Burlington, MA. Head over to BMW of Peabody to talk to our experts today!