Why Lease A Car Vs. Buy? Leasing Vs. Buying A Car Information

 

Getting a car is a big life decision. First, you have to decide which of our new cars for sale or lease is right for you. Then comes the finance portion. Thankfully our finance team is here to walk you through leasing vs. buying a car. Our dealership in Lexington makes Cadillac leasing or buying a breeze. We will discuss the pros and cons, cost differentials, mileage limits, and more. Please read below to learn more about the difference between lease and finance. Whether you end up deciding to buy new, buy used, or lease, our dealership near Louisville is here for you.

The Benefits of Buying

When it comes to leasing vs. buying a car, the biggest thing to note is that it is all about personal preference. There is no wrong answer here. When you sit down to discuss auto financing in Kentucky with our finance team, they will listen to your budget, ask about your driving habits, and help you make an informed decision from there.

There are many benefits to buying a new or used car. The biggest one is that the car is yours. That means you can personalize and customize it any way you like because you don’t have to worry about bringing it back to our dealership after a certain amount of time. You can start this customization of your car before the loan is paid off, too!

Another big factor is mileage. Do you have a long commute? Do you like to go on road trips? One of the biggest things to think about when deciding on leasing vs. buying a car is how often you drive every year. If you buy a car, you can drive your beautiful Cadillac as much as you want. If you lease a car, your lease term comes with certain mileage restrictions. That means you can only drive a limited number of miles per year. If you go over your mileage, it could end up costing a lot of money.

Lastly, our finance team works with a large variety of local vendors in Kentucky. If you need a loan for your car, our team can find one that works best for you. Plus, you will likely have more leeway of what the down payment is going to be when you buy.

Thinking buying may be for you? Check out our online tools to get ahead of the game. You can quickly fill out a Finance Application, Payment Calculator, or Trade Value right from the comfort of your home on our website.

The Benefits of Leasing

If you are someone who likes to upgrade often, leasing is a great choice. With a lease, you get a new car for a certain term. You will likely use the car for 2-4 years with a mileage limit of 10,000-15,000 miles. So, if you don’t drive tons of miles and want to enjoy the newest features Cadillac has to offer every couple of years, we recommend leasing.

When it comes to leasing vs. buying a car in 2020, it will also likely save you money every month. The monthly payments for leases are usually less than they are for buying. And with our great lease deals, you may even get a lower down payment, too.

Lastly, because your lease will be under warranty protection, you can expect that routine repairs and fixes will be covered by the brand (provided you don’t break any terms on your lease contract). And if you end up loving the car you lease, there is always the option to buy it at the end of your contract.

FAQs

Is it a bad idea to buy your leased car?

Not at all! We see this often. This just depends on whether you want to keep the car you have been driving or if you want to get another lease instead. We tell our customers that buying a leased car makes financial sense if you can buy the car for less than its current market value. If you have any further questions about this, feel free to contact the finance team at our new Cadillac dealership near Louisville.

Is it easier to buy or lease a car?

When it comes to leasing vs. buying a car, our goal is to make either decision an easy one here at Quantrell Cadillac. While buying a car outright can be more costly, we will say that if you are struggling with credit, taking out a loan to buy is easier than it is to lease on poor credit.

Can you lease a used Cadillac?

You can! You can lease a certified pre-owned (CPO) Cadillac. Our CPO cars are used vehicles, but they come with a higher vetting process, mileage limits and can only be sold by certified Cadillac dealerships. These cars are a great option to save money! Ask our finance team for more information if you’re interested in leasing a CPO vehicle.

Is leasing a car better than buying?

If you have good credit and want lower monthly payments, leasing is a great option! You are essentially borrowing the vehicle from our dealership and paying us the residual value. Again, we truly think this choice is up to personal preference, and our finance team is here to help you make that decision.

What is a good monthly lease payment?

At Quantrell Cadillac, our goal is to get you the best lease offer possible every time. The most important things to look at are the residual value, the monthly payment, the down payment, and any incentives. At the end of the day, if you love the vehicle and it’s inside your budget, then you’re getting a great deal on a lease. That said, lots of people live by the rule that for every $10K MSRP, you should be paying about $125/mo. This means that for a $100K vehicle, you’d be paying about $1250/mo. And as it happens, many vehicles in that class lease for closer to $2k/mo, so if your payment falls within the range of the $125/$10K rule, you’re doing great!

Our Finance Team Is Here for You

If you have been asking yourself, “Should I lease or buy a car?” for some time, we hope this has helped. If you still have questions on leasing vs. buying a car, our finance team is reachable by phone, email, or in-person. We want you to be confident about your decision, and, more importantly, we want you to enjoy the process. Our experts will give you the transparent advice you deserve. Let us know how we can help.

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Quantrell Cadillac, Inc. 38.0226, -84.4551.