Buying vs leasing

Other than picking the model of the vehicle you want, the next toughest question you’ll need to consider is if you’ll buy or lease it. Here at Jessup Cadillac, we help our customers understand the differences between buying or leasing, so they can make the best decision for themselves.

When Should You Plan On Buying A Vehicle?

• When you drive more than 15,000 miles a year- A lease does come with certain mileage restrictions, so if you know you’re on the road more than the average person, it might be better to buy. 
• For someone who wants to personalize their vehicle- When you buy a vehicle, you are free to make any additions or changes at your leisure. This kind of freedom gives people more options and helps them feel like their car is truly theirs. Conversely, a lease could make you feel like its not really yours. 
• If you like to do your own repairs- If you enjoy doing your own maintenance or repair work, owning a vehicle allows this opportunity. Even when more maintenance is required on older vehicles, many people get enjoyment knowing they are keeping it running great for the long haul. 
• If you don’t always want the newest vehicle- A lease typically lasts around three years, and you can trade it in for a new one. However, if you like the idea of keeping your car for five years or more, buying one is right for you. 
• Likes the accomplishment of paying off a large purchase- An auto loan is a big responsibility and there can be no greater feeling than knowing when you’ve paid it off free and clear. Modern vehicles are built to last and many individuals enjoy the freedom of having no car payment for months or even years. 
• For those who like that attachment to one vehicle- A vehicle can feel almost like a part of the family after a few years. You rely on it to get it where you need to be, and it becomes part of daily life. 
• For those who don’t mind a bigger down payment- A bigger down payment is usually required when you plan to own a new Cadillac. If you plan on using the money to lower the amount of the loan, it’s a good idea.  

When Should You Plan On Leasing A Vehicle?

• When you drive less than 15,000 miles a year- A lease is good if you don’t have a large volume of driving. If you drive less than 12,000 miles a year, a lease is a good option.
• Always enjoy having a new vehicle- A lease always gives you the chance to own a new car and have the latest technology available. After three years, you can trade it in for a new one. 
• Have a vehicle under warranty- Leasing allows you to have your vehicle under warranty protection. Should something unexpected occur, it is not your responsibility. 
• If you like your maintenance is done for you- Leasing a vehicle can allow you to have all maintenance or repairs done for you without having to worry about possible breakdowns. This peace of mind is good for those on a time crunch. 
• You have access to higher-priced vehicles- It may be surprising to discover that leasing can give you a chance to lease higher-end vehicles and explore other options that may have previously been out of your price range. The monthly payment can be lower, but remember, you still don’t own the vehicle. 
• For those who want a smaller down payment- A down payment on a Cadillac is typically lower when you’re planning to lease.  

There is no right or wrong decision when it comes to buying or leasing, but you should consider the differences carefully. Our team helps provide answers you’re looking for and ensure your choice is the right one.

Having Trouble Deciding To Buy Or Lease? Let The Experts From Jessup Cadillac Help!

Deciding to own or lease a vehicle can be a tough decision, but you’re not on your own. Our finance department at Jessup Cadillac is here to help and answer any questions you may have. Whether you’re in a current lease and want to buy your vehicle, you own a car and are looking for a trade-in, or you just want to lease the newest model available, we can help. Give us a call today or stop in, and we’ll be glad to get you started.

Posted in Uncategorized | No Comments »