SHOULD I BUY OR LEASE MY NEXT MINI?

Shopping for a new 2023 MINI Cooper? Given current market conditions, many shoppers are wondering whether they should buy or lease their next vehicle. At Bill Jacobs MINI in Naperville, we are here to help you understand the best options for your next MINI, be it a purchase or lease. Continue reading our MINI Cooper blog to learn about the different questions to ask yourself to help you determine if you should buy or lease your next MINI from our MINI dealership in Naperville, IL.

• HOW LONG DO YOU PLAN ON KEEPING YOUR MINI?

This might be the most important question to ask yourself when determining if you should buy or lease your next MINI. A quick rule of thumb for determining if a lease or purchase is better for your next vehicle is the length of time you typically keep your vehicles or how long you plan to keep your next vehicle. If you plan to keep your MINI for 3 years or less, then leasing might be the best option for you. If you plan on keeping your vehicle for more than 3 years, we recommend you consider looking at a purchase option. Leasing a MINI is typically around 36 months or 3 years and in that time, the benefit of leasing is the short-term contract vs a purchase, which is typically 5+ years or 60 months.

• HOW MANY MILES DO YOU DRIVE A YEAR ON AVERAGE?

Much like the duration of time you plan on keeping your MINI, the amount of yearly driving is also an indicator for whether you should lease or buy your next MINI. If you drive more than 10,000 miles on average a year, buying your next MINI is your best option. This will avoid mileage fees at the end of your lease term if you were to lease your next MINI. Leases are based on mileage and term and the typical MINI Cooper lease is between 10,000 and 12,000 miles a year. So if you have a long commute, or plan to take your next vehicle on long road trips, buying is probably the best option for you. If your commute is a few miles and your MINI is going to be driven less than or around 10,000 miles, leasing is the best option for you.

• DO YOU GET BORED OF YOUR CARS AFTER A WHILE?

Many drivers get bored with their current vehicle after 24+ months. That is not to say that their car is boring, but that they want the latest and greatest technology and features available. If you are planning to get a MINI as your next vehicle and anticipate wanting to change your vehicle out every 24-36 months, then leasing may be the best possible option for you. Whether you are looking to get into a new 2023 MINI Countryman, Clubman, Hardtop 2 Door, Hardtop 4 Door or convertible, a lease from Bill Jacobs MINI will allow you to never get bored and to be able to upgrade your MINI every few years for the latest and greatest technology and features.

• ARE YOU LOOKING FOR LOWER MONTHLY PAYMENTS?

Typically, despite upfront money down and taxes, monthly lease payments over a 36-month term tend to be less expensive than buying the vehicle. If you purchase your MINI Cooper from Bill Jacobs MINI, you will own the vehicle outright once the payments are completed over the term of your loan, however, leasing a MINI tends to offer less expensive monthly payments as you’re paying for a percentage of the vehicle over a shorter term.

BUYING VS. LEASING A NEW MINI

There are more questions you can ask yourself when determining if you should buy or lease your next MINI, but the guide above is a good starting point when considering the next steps when getting into a new MINI from Bill Jacobs MINI in Naperville, IL. Stop by our dealership located at 2491 Aurora Ave in Naperville to speak with our team of MINI Cooper experts. At Bill Jacobs, the cars bring you in and the experience brings you back.