Should You Buy or Lease Your Next Mitsubishi?

We’ll start this blog by saying that there is no universally correct answer to this question. However, there is a right answer for your and your current situation. By the time you’re finished reading, you’ll have a better understanding for the benefits of buying and leasing, but also the challenges to both, so you can make the best decision for you.

Before we dive in, we should also mention that Mitsubishi consistently offers incredible lease and purchase deals that are worth keeping an eye on as you consider your next vehicle. If you find the right inventive or offer, you may change your mind when it comes to the buy vs. lease debate.

Things to consider when you buy a new Mitsubishi

The first, and most obvious benefit of buying is that you’ll own the vehicle you drive. Much like buying a house rather than renting an apartment, your down payment and monthly installments are all going to something you’ll eventually own outright, and can sell or trade-in to recoup some of that money.

You also are the only one accountable for its condition, so if you want to keep it pristine condition in the hopes of driving it well beyond the 200,000-mile mark, you can do so. And if you want to test its off-road durability and put it through the ringer, you can do that as well.

However, buying a new Mitsubishi is the more expensive option when it comes to up-front costs. Your down payment and monthly installments will likely be considerably higher, and buying will likely have you making those regular payments for a longer period of time, plus interest.

There is also some unpredictability in how the vehicle’s resale value will change over time. While Mitsubishi’s have proven to be a reliable brand, shifts in buying behavior, economy, and industry can all impact the return you get on your vehicle should you ever choose to sell it.

Things to consider when leasing a new Mitsubishi

Leasing is the most affordable way to drive a new Mitsubishi, and that’s the key benefit to consider here. Lease down payments and monthly payments are typically much lower than what you’d pay if you buy. Plus, you aren’t committed to one vehicle long term, as you’ll have the opportunity to find a new vehicle, whether through purchase or lease, at the end of your lease term.

When your lease ends, you also don’t have to worry about finding a buyer or getting the right price for your used Mitsubishi. Rather, you just return it to the dealership and choose your next lease, if you want to continue down that path.

Leasing allows you to always have a new car with the latest features and tech, but be aware, you often face mileage restrictions and excess wear fees that could drive up the cost. Plus, when your lease ends, you have no equity, so you won’t get any return on investment.

Whether you want to buy or lease a new Mitsubishi near Denver, CO, Shortline Mitsubishi and our knowledgeable staff can help you find the right vehicle and explore your purchasing options.

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