If you’re considering upgrading to a new vehicle
, you may be asking yourself, “Should I buy or lease?” Our finance center is often asked about the differences between lease vs. buying, so we’ve put together the guide below to help you make the right decision for your budget, driving goals, and needs. Read on to learn more about the benefits of leasing vs. buying a car, as well as what to consider about both.
What Are the Benefits of Buying a Car?
- No Mileage Caps: You can drive as much as you’d like when you own the car. If you spend a lot of time on the road, consider buying a car. That way, you won’t run into any extra fees if you surpass a certain number of miles.
- Freedom of Ownership: One of the main differences between leasing and buying is the latter offers the freedom of ownership. When you own a car, it’s yours to drive as much as you want, customize, or sell. There are no limitations.
- Accessory & Appearance Upgrades: Do you want to upgrade your Cadillac with accessories or give it a fresh coat of paint? You can when you buy.
- Freedom to Sell the Car: Owning a vehicle gives you the ability to sell it later down the road. You can also trade in a financed vehicle, even if you’re still making payments on it.
- Straightforward Buying Process: Financing a car is an easy-to-understand process, and can be open to car shoppers with good credit, no credit, or less-than-perfect credit, depending on the lender.
- Less Cost Over Time: Initially, buying a car is more expensive than leasing. However, as you chip away at your auto loan, your monthly payments will lessen until eventually, the loan is repaid and you owe nothing.
What Are the Benefits of Leasing a Car?
- Low Monthly Lease Payments: When you lease with option to buy, you’ll enjoy a lower down payment and lower monthly payments than you would with financing. Initially, leasing is less expensive and is a good choice for drivers with a small down payment savings.
- Less Sales Tax: Leasing a vehicle significantly lowers sales tax in most states. In many cases, only the amounts you put toward the down payment and toward your monthly payments are taxed.
- Multiple Lease-End Options: Once your lease term is up, you’ll have a few options available to you: trade in the car and walk away, swap the car for another, extend your lease, or buy the car.
- Warranty Protection: Warranty coverage is offered with most car leases and you can expect routine repairs to be covered, provided you don’t exceed your mileage restrictions.
- State-of-the-Art Features: Generally, leases last for about two to three years. If you prefer to drive a new car and like having access to the most cutting-edge features from Cadillac, leasing is probably more up your alley.
Explore Leasing & Financing Options at Quantrell Cadillac!
Whether you choose to buy or lease with option to buy, the team at Quantrell Cadillac is here to help every step of the way. We can answer any additional questions you may have about the difference between leasing and buying, and help you find the right Cadillac for your commutes around Lexington. Contact us
to schedule a test drive at our Cadillac dealership, or get the process started by getting pre-approved online