WHEN IS LEASING A CAR BETTER THAN BUYING?

January 29th, 2019 by

Buying a car for your Naperville commute is one the biggest purchases you can make, so it’s wise to look at all of your finance options. Both leasing and buying have many advantages and differences. With a lease you can get a new car every few years and not worry about the hassle of costly repairs and maintenance. On the other hand, when you buy a car and make all the payments, it’s yours to keep or sell later.

Choosing between the two ultimately depends on your preferences, what you can afford to pay, and how you’ll use the car. There’s no right answer, however, there are cases where a lease offers a definite advantage.

Is Leasing Right for You?

When you’re considering leasing or buying, there are some important things to consider, like whether you want the latest tech, how often you drive, the length of your daily commute, and if you’d like to avoid repair bills. In other words, before you can get an idea of what your monthly payments would be, you’ll need to seriously consider your needs, wants, and lifestyle.

Here are a few things to consider:

  • How much car can you afford? Whether it’s monthly payments or down payments, when you lease a vehicle those costs will be much lower than buying. Since you’re paying for the car’s depreciation, you’re only paying for a portion of the vehicle. If your main goal is to get low monthly payments, leasing could be your best option.
  • Can you get approved? While leasing isn’t a massive headache, the car financing process is more straightforward, and generally open to those without perfect, or great, credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments. On the flip side, it is much easier to get approved for a lease, however those with poor or no credit may find the process more difficult.
  • How much do you drive? If you’re driving your vehicle inside and outside of the Naperville area, you may want to consider buying. Without the mileage limits you get on a leased vehicle, you’re free to drive as much as you want. But, if you don’t plan on driving often, a lease may be best.
  • How long do you plan on keeping the car?  For some, driving new cars is important. Leasing allows you to stay in the latest model with the most up-to-date tech and safety features. When your lease agreement is over, you can head to our Jaguar of Naperville dealership, pay any remaining fees, and drive away in your next vehicle of choice.
  • Do you plan to customize your ride? Some of us enjoy adding personal touches to our vehicles. Whether it’s a new set of wheels, a new performance exhaust, or a spoiler, making changes allows us to create the car of our dreams. Buying a vehicle means you are free to do with the vehicle what you please. However, if you lease, you’ll have to return the car in the condition you first got it.

Explore Leasing and Financing Options at Jaguar of Naperville

Whatever you choose, remember the decision is based entirely on your personal needs and financial situation. What works for some might not work for others. Explore all of our Jaguar leasing and financing deals, and head over to our dealership near Aurora to find your next vehicle. If you have any questions, feel free to contact us today!

Source: Jaguar of Naperville