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As you're shopping for your next new vehicle at Serra Mazda Brighton, keep in mind that you have different financial options! When considering whether to lease or to buy, you'll notice some benefits you won’t get when applying for financing on a new Mazda model. In order to find the best option for you, take notes of what you can afford, what your needs are, and compare the benefits of both financing and leasing to see which best fits your needs. If you need help figuring out a plan, contact us at Serra Mazda Brighton.
Leasing will usually get you a lower monthly payment than if you were to purchase the same car. You may also be able to upgrade to a more expensive model or add additional options while staying within budget.
With cars these days evolving at a fast pace, the technology options are nearly endless. Through leasing, you’re able to have a car with the most up to date technology features.
At the end of your lease, you will simply turn the car into the leasing agency.
Typically the length of your lease will be shorter than a basic warranty. This will help you save maintenance and repair costs.
Not only is the overall cost of purchasing a car higher, but with a loan the interest you will pay is based off the entire loan amount.
Purchasing a car sometimes comes with facing uncertain market values when the time comes to sell or trade your car in. When financing, you are still liable for paying the loan balance if you owe more than the vehicle is worth.
Long-term loans = more money out of your pocket. Because long term loans carry a higher rate and interest has more time to accrue, the total cost may rise significantly.
Financing or purchasing a vehicle means that the bank or leader will need an initial payment from you. Among other factors, this payment is usually calculated according to your credit score.
You are renting the vehicle until the end of the lease. It can then be bought for the remaining cost.
You own the vehicle outright and are free to do with it what you will.
Payments are lower as you only pay for the depreciation of the vehicle.
Payments are higher because you are paying for the entire cost of the vehicle.
Returns can only be made at the end of the lease.
You are solely responsible for selling or trading in the vehicle.
Limited to a certain number of miles within the lease term. Additional fees for going over the limit.
You can drive as many miles as you'd like without penalty.
End of Term
You must either return the vehicle or pay the remaining cost to own it.
You no longer have monthly payments and you are the owner of the vehicle.
Vehicle must be returned in like-new condition. Any modifications must be removed and may result in additional fees.
You are free to modify the vehicle as you see fit.