Buy vs Lease

LEASE VS BUY

Is Leasing or Buying Right for You?

After thinking about the advantages of leasing and buying a new car, you may have noticed one option being better for your New England lifestyle. If so, we encourage you to complete our online credit application to complete the next phase. If you are still unsure whether it's best to lease or finance a new vehicle, take a moment to speak with a member of our finance team. They will take the time to go over your budget and discuss which option is best for your lifestyle.

Explore the Benefits of Leasing & Buying!

The Benefits of Leasing

  • Smaller down payment and monthly lease payments
  • No ownership commitment to the leased vehicle
  • Freedom to transition between cars every few years
  • No trade-in hassle or need to sell at the end of the lease
  • You spend less money to drive a newer vehicle
  • Less repair costs because of the new vehicle warranty

The Benefits of Buying

  • You experience the pride of being a new car owner
  • Ability to accrue more savings the longer you own the vehicle
  • Opportunity to build greater equity in your vehicle
  • No limits on mileage, customization, or wear-and-tear
  • You can sell the vehicle whenever it's convenient for you
  • It can be a trade-in that lowers the cost of your next vehicle

Your Leasing & Buying Questions Answered!

If I lease a new vehicle, am I getting a better deal than purchasing?

Depending on your situation, it can be more cost-effective to lease a vehicle. If you plan on driving the vehicle for less than six years, two three-year leases can be more cost-effective than purchasing and selling a vehicle on your own.

What is APR?

APR stands for annual percentage rate. It is the annualized rate at which interest accrues on loan.

Can you explain residual values?

The residual value is the estimated worth of your vehicle at the end of your lease term. Residual value helps determine your monthly payments and how much it would be to buy your vehicle at the end of the term. If you decide to lease, you're only paying for a portion of the vehicle's life.

How is sales tax applied to a lease?

Sales tax is only applied on the part of the car you lease, not the full value of the vehicle. With this in mind, you will probably pay less in sales tax when compared to financing a new car, truck, or SUV.

How do I determine what mileage is included in a lease?

Lease mileage can vary. However, usually when you lease, you will have anywhere between 10,000-12,000 miles per year to drive without any penalties. If you think you will go over the mileage during your lease term, you can purchase additional miles in advance to avoid any penalties at the end of your term.

What is the shortest car lease available?

Lease terms can vary. However, our leases are normally for 36 months, but we do offer 24-month leases as well. Be sure to speak with our Prime finance specialists to go over which option is right for you and your driving goals.

What if I need to end my lease early?

If, for some reason, you do need to end your lease early, there is a termination penalty in order to do so. To go over your options fully, please reach out to any of our locations, and we will discuss alternative solutions.

What happens at the end of my lease?

If you are at the end of your lease & are under your allotted miles and your car is in good condition, you can return the vehicle to any of our locations across Massachusetts, Maine, & New Hampshire. From there, you can purchase or lease a new vehicle. If you would prefer to purchase the leased vehicle you have grown to love, we can discuss your financing options.

Are You Interested in Leasing or Buying?

You can buy or lease a new car near you at Prime Automotive Group. With locations across Massachusetts, Maine and New Hampshire, we are conveniently located for all our customers throughout New England. Please don't hesitate to contact us with any questions you may have.

  1. Bill Kolb Jr. Subaru

    252 Route 303
    Orangeburg, NY 10962

    • Sales: 845-275-0801
  2. Prime Buick GMC

    1845 WASHINGTON ST
    HANOVER, MA 02339

    • Sales: 781-243-5091
  3. ~ Prime General Management

    788 Portland Rd
    SACO, ME 04072

    • Sales: (207) 282-6161
  4. ~ Prime Marketing

    788 Portland Rd
    SACO, ME 04072

    • Sales: (207) 282-6161
  5. Prime New England

    788 Portland Rd
    SACO, ME 04072

    • Sales: (207) 282-6161
  6. Prime Massachusetts

    788 Portland Rd
    SACO, ME 04072

    • Sales: (207) 282-6161
  7. Land Rover Cape Cod

    100 Barnstable Road
    Hyannis, MA 02601

    • Sales: 508-318-5460
  8. Land Rover Hanover

    2144 Washington Street
    Hanover, MA 02339

    • Sales: 781-412-4551
  9. Mercedes-Benz of Hanover

    1877 Washington Street
    Hanover, MA 02339

    • Sales: 781-561-2681
  10. Porsche Westwood

    411 Providence Hwy
    Route 1 Automile
    Westwood, MA 02090

    • Sales: (781) 691-5954
  11. Prime Ford - Auburn

    780 Washington Street
    Auburn, MA 01501

    • Sales: 508-475-9517
  12. Prime Collision Center - Boston

    155 Rivermoor Street,
    West Roxbury, MA 02132

    • Sales: (617) 469-3000
  13. Prime Collision Center - Norwell

    154 Washington Street,
    Norwell, MA 11501

    • Sales: (781) 878-2280
  14. Prime Honda - Boston

    1575 VFW Parkway
    West Roxbury, MA 02132

    • Sales: 617-553-4926
  15. Prime Honda 128

    88 Walkers Brook DR # 89
    Reading, MA 01867

    • Sales: 978-357-3157
  16. Mercedes-Benz of Westwood

    425 Providence Highway
    Route 1 - "The Automile"
    Westwood, MA 02090

    • Sales: 781-613-8804
  17. Prime Toyota Route 2

    700 Old Union Turnpike
    Lancaster, MA 01523

    • Sales: (978) 712-4827
  18. Prime Volvo Cars South Shore

    1030 Hingham Street
    Rockland, MA 02370

    • Sales: 781-996-4886
  19. South Shore BMW

    1040 Hingham Street
    Rockland, MA 02370

    • Sales: 781-816-7898
  20. South Shore MINI

    1040 Hingham Street
    Rockland, MA 02370

    • Sales: 781-816-8815
  21. Prime Maine

    788 Portland Rd
    SACO, ME 04072

    • Sales: (207) 282-6161
  22. Prime Chrysler Dodge Jeep Ram

    824 Portland Rd
    Saco, ME 04072-9672

    • Sales: (207) 282-4101
  23. Prime Collision Center - Maine

    751 Portland Road,
    Saco, ME 04072

    • Sales: (207) 284-9556
  24. Prime Motor Cars - Airstream

    137 U.S. Route 1,
    Scarborough, ME 04074

    • Sales: 207-510-2250
  25. Prime Motor Cars

    137 U.S. Route 1
    Scarborough, ME 04074

    • Sales: 207-466-1007
  26. Prime Toyota - Saco

    783 Portland Road
    Saco, ME 04072

    • Sales: (207) 536-5299
  27. Mercedes-Benz of Manchester

    875 Gold Street
    Manchester, NH 03103

    • Sales: 603-476-3036
  28. Prime Subaru Manchester

    205 John E Devine Drive
    Manchester, NH 03103

    • Sales: 603-847-7041
  29. Prime Vermont

    788 Portland Rd
    SACO, ME 04072

    • Sales: (207) 282-6161
  30. Rockville Centre GMC

    510 SUNRISE HWY
    ROCKVILLE CENTRE, NY 11570

    • Sales: 866-544-9971
  31. Staten Island Buick GMC

    1855 HYLAN BLVD
    STATEN ISLAND, NY 10305

    • Sales: 718-395-5892
  32. World Chrysler Dodge Jeep Ram

    681 Shrewsbury Ave
    Shrewsbury, NJ 07702-4134

    • Sales: (732) 479-4535
  33. World Subaru

    688 Shrewsbury Avenue
    Tinton Falls, NJ 07701

    • Sales: 732-737-8443
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