About Leasing | Modern Mazda near Waterbury, CT

You've Found the Mazda of Your Dreams and It's Time to Lease - What Next?

One of the things we really take pride in here at Modern Mazda is helping drivers from Thomaston, Hartford, Waterbury, Hamden, and Bristol, CT get behind the wheel of the Mazda model that's been cruising around their dreams, and if you're someone who has found just the Mazda car, crossover, or SUV you'd like to call your own, you're probably trying to decide which finance department is right for you. While we can't make that decision in your stead, we can help you come to the right decision yourself!

What Exactly is Leasing Anyway?

Before you decide that a Mazda lease is the way to go, we should probably make it clear what a lease is! Leases are short-term agreements wherein you can take possession of a new Mazda for a predetermined amount of time. Leases are arranged with the dealership, and they differ from buying with an auto loan in some very crucial ways, which we'll get into deeper in the following section. Leases often don't require the same cash-down deposit as purchasing with an auto loan, and at the end of your contract, you'll return the car to the dealership rather than holding onto it as your own.

Advantages of Leasing with Modern Mazda in Thomaston, CT

For many drivers from the greater Thomaston & Waterbury, CT areas, leasing makes a lot more sense than purchasing outright with an auto loan. If you find yourself leaning in that direction, here are some important advantages to consider as you make your way to your final decision:

  • Payments: One major advantage to leasing is the typically smaller monthly payments, in addition to a smaller down payment upfront. Because of the shorter lease terms, your monthly payments for leases are based on the depreciation of your vehicle over your period of ownership, rather than the entire cost of the vehicle in full. This often results in lower monthly payments for leases.
  • Fresh, New Vehicles: Leases work great for drivers who want a fresh, new fascia every couple of years. Because the terms of your lease are often constrained to just a few years, this is a great way to find yourself inside a brand-new Mazda model every few years, keeping you fresh and current with trends, technology, and design. If you find yourself attached when your lease is up, you can always choose to purchase the vehicle.
  • Warranty & Repairs: Another great advantage to leasing has to do with warranties and repairs. Because most leases are on new vehicles and they usually only span a few years at most, it's very likely that your vehicle will fall under the full manufacturer's warranty for the duration of your lease, which means many repairs and maintenance items should be covered for you!
  • Gap Protection: "Gap" coverage protects you in cases where your vehicle is totaled or stolen, and the amount you owe on the vehicle is more than its worth. Most leases come with this coverage automatically. When you buy with a car loan, this protection is typically not included.

Disadvantages of Leasing

As you can see, for certain drivers, leasing offers a world of benefits, but we're all different, and leasing might not be the right choice for you. Even with all the advantages it can offer, there are some aspects to leasing that some may consider drawbacks. There are more rules and stipulations to leasing, but if you're someone with a strong sense of discipline and commitment, it's not difficult to make a lease into the perfect financing solution. Below we've outlined some of the caveats to leasing that certain drivers might find difficult - take a moment to comb through our list to see if you think you'd be a good candidate for leasing.

  • Early Termination of the Car Lease:When you enter into a lease agreement, you agree to take possession of the vehicle for a certain amount of time. Whatever the agreed upon terms are, you're expected to honor the duration of the lease. If, for whatever reason, you need to return the vehicle early and terminate the lease before originally agreed upon, you will likely have to pay an associated Early Termination Fee. Before you sign a lease contract, it's crucial to read all the fine print so you know what this monetary fee could be and whether you can reasonably expect yourself to adhere to the stated terms.
  • Insurance Costs: When you lease a car, it technically still belongs to someone else (the dealership), so insurance can often end up costing you more than it would on a vehicle you purchased. To avoid any surprise insurance hikes and to find out if the new insurance coverage is within your range, you can always reach out to your insurance agent prior to signing the lease to make sure everything will lineup.
  • Car Mileage: Something to keep in mind about lease terms is the fact that most leases include a cap to the number of miles you're allotted to drive each year. On average, this ranges from 12,000 to 15,000 permitted miles per year. If you happen to exceed your allotted mileage, you can end up with some surprisingly steep fines! Some excessive mileage charges can run anywhere from 10 to 15 cents per mile over the agreed-upon yearly allotment. For some folks, this is a big obstacle and can sometimes be a deal breaker. If you're someone who appreciates a lazy Sunday drive, but you don't want to get hit with excessive mileage charges, it might benefit you to consider looking at an auto loan for your financing solution!
  • Wear & Tear: As we mentioned above, a leased vehicle still belongs to the dealership, so most lease agreements will include stipulations for when and how often you need manufacturer-recommended maintenance to be performed. If you fail to keep up with this requirement, you can be monetarily penalized. Additionally, at the end of your lease, your vehicle will be inspected for excess wear and tear, and if determined to possess excess wear and tear, you could be hit with an additional fine at the lease end.

So, What's the Answer? Should I Lease or Buy?

For any drivers in Hartford or Waterbury, CT asking themselves which route to take, we just want to assure you that it is completely normal to be unsure as to which financing solution is right for your individual situation. However, that also means there's no one-size-fits-all answer to the question of whether to lease or buy a new Mazda. The financing solution you choose needs to fit your unique situation and lifestyle, so there's no way for us to say whether you would do best with a lease or a loan. But don't fret! Our financing department is always happy to help you on the road to that decision. If you have any questions about financing with a lease or an auto loan, we welcome you to reach out to us at (888) 581-2015 and someone on our team will be glad to answer any lingering questions.

Helpful Questions to Ask Yourself When You're Debating Between a Lease or an Auto Loan:

  • What do I want out of a vehicle?
  • Will I have trouble with mileage limits?
  • Can I keep up with the required maintenance schedule that comes with a lease?
  • Is it important to me to have a new vehicle every few years?
  • Would I prefer the long-term cost savings of a loan over the typically lower monthly payments of a lease?
  • Am I prepared for changes in my insurance payments/coverage?

Contact our Finance Team