Buying the Mazda CX 5 Compact SUV
Buying the Mazda CX 5 Compact SUV involves taking out an auto loan from a bank, credit union, or other financial institution. The loan amount will depend on the purchase price of the vehicle and your creditworthiness. You will make monthly payments, including both principal and interest, until the loan is fully repaid. At the end of the loan term, you will own the Mazda CX 5 Compact SUV outright.
Leasing the Mazda CX 5 Compact SUV
Leasing the Mazda CX 5 Compact SUV involves making monthly payments to the lessor for the duration of the lease term. The lease term is typically shorter than a loan term, usually around 2-3 years. At the end of the lease term, you will have the option to return the vehicle or purchase it for a predetermined price, known as the residual value. Leasing allows you to drive a new vehicle with lower monthly payments compared to buying.
Pros and Cons of Buying vs Leasing
There are advantages and disadvantages to both buying and leasing the Mazda CX 5 Compact SUV. When you buy, you have full ownership of the vehicle and can customize it to your liking. You can sell or trade in the car at any time, and there are no mileage restrictions. However, buying requires a larger down payment, higher monthly payments, and you are responsible for maintenance and repairs. On the other hand, leasing offers lower monthly payments, little to no down payment, and the ability to drive a new car every few years. However, you have mileage restrictions, excess wear and tear fees, and you don't own the vehicle at the end of the lease term.
Other Financing Options
In addition to buying and leasing, there are other financing options available for the Mazda CX 5 Compact SUV. You can consider getting a personal loan from a bank or credit union, using a home equity loan or line of credit, or exploring dealership financing. Each option has its own requirements and terms, so it's important to research and compare before making a decision.