When you're looking for a new Mitsubishi car, crossover, or suv, whether you're in Bristol, TN or Bristol, VA, we hope you'll think of Wallace Mitsubishi of Kingsport and our wide selection of inventory, including favorites like the Mitsubishi Eclipse Cross or the Mitsubishi Mirage sedan. Not only do we have a robust inventory of new Kia models as well as other pre-owned cars, crossovers, and SUVs, our professional financing team will work with Kingsport drivers of all kinds to find the right financing solution.
If you're not sure whether you want to lease or buy that new Mitsubishi vehicle or a great Certified Pre-Owned Mitsubishi, consider a few of the following differences between each to figure out which financing solution will be right for you.
Leases Vs Loans-Advantages & Disadvantages
Advantages of Leasing a New Mitsubishi Car, Crossover, or SUV:
With a lease, your payments cover the cost of depreciation in value, rather than the total cost of the vehicle, as with a loan; as a result, your monthly payments will likely be lower for a new Mitsubishi you lease than if you had purchased it.
When you lease, you don't have to commit to forever with the same vehicle, since most leases last three to five years; at the end of your lease, you turn the vehicle back into the dealership and you're free and clear to move onto something else-another new Mitsubishi perhaps?
If you don't drive often, you could benefit from a low-mileage lease, which restricts how many miles you can drive, but gives you a cost-savings based on the infrequency.
Advantages of Buying with a Loan:
When you buy your Mitsubishi in the Johnson City area, you have no restrictions on how far you can drive your vehicle-the same is not true of a Mitsubishi you lease!
With a lease, you have to stick to a maintenance schedule or you can be fined at the end-but when you buy, you are your own master, and while you should stick to a maintenance schedule, no one will fine you if you don't!
One huge advantage to buying your vehicle with a loan is that you'll build equity and credit, assuming on-time payments. With a lease, you won't build any equity at all!