Getting a new vehicle is a big deal, financially, and emotionally... it's an achievement. A milestone.

Mazda has a great range of models from the popular all-wheel-drive CX-5, the Mazda 6 sport sedan, and even a seat for the whole family in the brilliant seven passenger CX-9.  You'll find quality and affordability built into every Mazda vehicle.

When considering a new Mazda, you need to know how any payment factors into your budget. There are plenty of guidelines and affordability calculators available to help answer that question but then what?

If you're like many shoppers you're seeing what kind of vehicle you can afford and if leasing can really get you more vehicle for the money?

Likely you've already heard about mileage limitations and possibly even heard a few horror stories about leasing but have resolved to look into the matter on your own.

What Are You Paying For?

Purchasing ownership of a vehicle including future value and full usage without restriction.

Purchasing use of a vehicle for a set term with defined restrictions.

What Are The Costs?

Price of the vehicle plus interest over defined term. Maintenance, fuel, insurance, registration, etc.

Inception fee (downpayment) and rental charges for a defined term. Fuel, insurance and limited maintenance.

Are There Benefits?

Freedom to sell, trade, modify/customize/accessorize, ride-share, etc. Outside of the loan, the vehicle and the market value belongs to the owner.

Lower monthly payment. New vehicle every 2- to 3-years. Fixed costs. Business tax benefits for some lesees.

Which Costs Less?

Buying costs less if vehicle ownership is maintained for the long-term and equity is achieved. Buying costs more if vehicles are upgraded frequently.

Leasing holds value to drivers changing vehicles frequently due to mileage, preference, or tax benefit. Leasing costs more if drivers break the lease to acquire a new vehicle, if the lease holder moves, or the vehicle exceeds mileage restrictions.

Are There Restrictions?

Buying a car with a loan usually requires a higher level of insurance to cover the loan. GAP coverage is available too. Otherwise, the legal restrictions are limited to safely operating the public road and what is required to maintain warranty coverage.

Leasing a vehicle typically limits the vehicle usage to being a driver or passenger for a set number of miles over a period of time. Engine or equipment modifications, such as adding a snow plow to a truck, would not be permitted unless strictly defined in the lease agreement. There are, of course, insurance coverage requirements.

Anything Else?

Buying is a straight forward experience many shoppers have used before. Cost of the vehicle plus finance charges paid over time. Bring your own financing or let Continental Mazda have the financial institutions compete for your business.

Leasing is great option if the driving needs are consistent and shopper is aware of future costs. Many lease holders are caught off-guard at lease-end with a coordinated need to find a new vehicle, pay for possible mileage overages, and still have cash to initiate a new loan or lease.

Leasing isn't so different than renting an apartment. With an apartment, you rent for a set term at a price, agree to keep the place clean and not make modifications or remodel the property and you get to enjoy the benefits of the neighborhood, schools, amenities of the property. Same with leasing a vehicle. You agree to a price, keep the vehicle clean, not to abuse or modify the vehicle and keep within your mileage restrictions. Then you enjoy the amenities of the vehicle.

Sounds great! You can already imagine the sunroof, radiant heated seats and steering wheel, while you stream your favorite podcast over the premium Bose audio system.

What about those restrictions? What happens when lease holders exceed the miles, or there is an accident?

The limitation on leasing a new Mazda and enjoying the benefits at a lower price is to be mindful of usage, service and appearance. As with most contractual items, deviation results in end of lease fees.

Accidents happen. Personal insurance would cover repair and replacement while GAP coverage built into the lease will protect lease holders from residual value differences in the event of a catastrophic loss. The smaller, unclaimed damages that occur -- window chips, wheel rash, scuffs, pet hair, and scratches -- accumulate and harm the residual value of the vehicle. Lease holders would cover the cost of refurbishment or repair.

Extreme mileage overages aren't common but overages do occur and are addressed at end of lease with a per mile fee of around 15-cents.  Example: a 2,500 mile overage would cost $375 at the end-of-lease.

As a mindful driver, it's a compelling offer to enjoy the benefits of a new Mazda with the top trim features for a price lower than buying.

Want to see pricing in action on your very own Mazda?
Visit our showroom. Our non-commissioned Mazda ambassadors will demonstrate new Mazda features, go for a test drive and show you how buying vs leasing could work for you in a no obligation, no pressure review.

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