Should I Buy or Lease?

Finance Paperwork with Glasses

 

If you are shopping for your next car in the Santa Monica area, you may be wondering, “Should I buy or lease?” It’s an important decision, but one that can be a bit confusing at first glance. Ultimately, it will come down to your personal preference and financial situation. The following guide from the finance team at Cadillac of Beverly Hills will help you decide whether it is better to lease a car vs. buy a car based on your lifestyle and your budget.

Leasing vs. Buying: Long & Short-Term Costs

  • Leasing offers a lower down payment up front and lower monthly payments overall. You’ll also spend less on sales tax in most states. Another benefit of leasing is that maintenance service is typically included with the lease.
  • Financing is often more affordable than leasing, especially if you opt for a used vehicle. Whether you buy a new or used car, the vehicle becomes less expensive to own over time. However, you will be on the hook for maintenance and repair costs.

Leasing vs. Buying: Mileage Restrictions

  • When you lease a vehicle you will need to stay within a set mileage limit. Those who commute a short distance will find that the vast majority of leases are suitable for their needs.
  • When you finance you are free to put as many miles on the odometer as you wish. Those who commute longer distances or who plan on taking extended road trips outside of Woodland Hills will likely find financing to be a better fit.

Leasing vs. Buying: Total Ownership & Customization

  • Leasing a vehicle will require you to keep the car as close to factory condition as possible. That’s because the dealership still owns the vehicle and they’ll need to resell it once the lease term is over.
  • Buying a vehicle allows you to customize or modify the car however you see fit. If you are interested in adding performance upgrades or accessories, you are free to do so.

Leasing vs. Buying: Freedom, Options, & Processes

  • Leasing can be more convenient as long as you take good care of the vehicle while it’s in your possession. At the end of your lease term, you can drive it back to our lease return center and drive home in a new vehicle. You may also have the option to buy out the lease if you have decided that it’s a vehicle you want to own.
  • Financing offers flexibility, as you can sell or trade in the vehicle at any time (provided that the vehicle is worth more than you owe). You may also be able to refinance for a lower interest rate on your loan down the line.

Explore Your Leasing and Financing Options at Cadillac of Beverly Hills

Now that you have reviewed your lease a car vs. buy a car options, browse our current leasing and financing specials to take advantage of some of the best deals in the Sherman Oaks area. Our finance specialists are standing by to help you secure the loan or lease that is right for you today. Please don’t hesitate to contact us if you have any questions.

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