Should I Lease or Buy My Next Vehicle?

Car Lease

Motorists looking for reliable new vehicles near Clinton may be asking, “Should I buy or lease my next car?” Given the many different variables involved, the question is a valid one. As you consider the most beneficial and cost-effective path, the first step is determining whether you would like a new vehicle every three to four years or would like one that’s long-term. Both leasing and buying have their benefits, so the decision will depend on your needs, wants, and budget. Let’s examine the advantages of lease vs. buying.

Benefits of Leasing

When comparing a lease vs. buying in Mattoon, each option has its own merits. The benefits of leasing include:

  • Lower monthly payments: The way a lease contract is structured, your monthly or down payment will be more economical when compared to buying a car.
  • An easier trade-in process: When the term of your lease ends, you simply pay any remaining fees and drive away in a new vehicle.
  • Lower sales tax: In the majority of states, you’re only taxed on the amount of your down payment and succeeding monthly payments.
  • More options: When leasing your vehicles, you can drive the latest makes and models every few years.
  • Better warranties: Leasing a vehicle will give you maintenance and warranty coverage that will cover any automotive issue you have under warranty, as long as you don’t exceed the mileage detailed in the contract.
  • Easier to lease with bad credit– If you have a low credit score, leasing is a good way to avoid higher monthly payments and interest rates.

Benefits of Buying

As with leasing, drivers in Decatur have many benefits when buying a vehicle. They include:

  • No restrictions on mileage: You have the opportunity to drive as far as you want. There are no mileage caps.
  • Personalization: You can customize your vehicle to your heart’s content. Make mechanical and cosmetic changes until you have the car, truck, or SUV that fits your individuality.
  • An option to sell: Because you are the owner and aren’t restricted by a lease agreement, you can sell your vehicle when you see fit.
  • Lower long-term costs: Initially, buying a car is more expensive. But the longer you own your vehicle, the less costly it becomes.
  • A more straightforward financing process: Not only is the finance process more direct, but you have the option of refinancing your initial loan to get a better interest rate.

Discuss Your Financing Options with the Experts at Jackson Family of Dealerships

When asking, “Should I buy or lease,” remember there are benefits to both buying your vehicle and leasing it. The experienced finance team at Jackson Family of Dealerships can discuss your financial situation and help you make the best decision based on your circumstances. Lessen the cost of financing when you choose a used or certified pre-owned vehicle. Not sure what the difference is between CPO and used? Or, not sure what you should do after a car accident?  We can help! We can also help answer any insurance questions you have, including whether an extended warranty is a good option for your situation. We recognize everyone’s situation is different, so contact us today so we can find the car, truck, or SUV that’s perfect for you!

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455 E. Pershing Road • Decatur, IL 62526

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Jackson Family of Dealerships 39.876491, -88.951453.