Should I Buy or Lease?

While you may know the vehicle you want, you may be wondering, "Should I buy or lease?" When it comes to leasing vs. buying, there are some benefits to each. Which way you go, however, will probably come down to what you can afford, what your needs are, and exactly what you want with a new vehicle. Let the financial experts here at Elgin CDJR tell you all about the benefits of each option so you know which one to choose when you stop by our dealership and take a look at our available new vehicles.

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Benefits of Leasing a New Vehicle

• Less Sales Tax: Leasing a vehicle in most states can significantly lower the sales tax. And in some places, you only have to pay tax on the amount paid in the down payment as well as the monthly payments.

• Lower Payments: Leasing a vehicle allows you to have lower costs in terms of either a smaller down payment or monthly payments.

• Great Coverage: Warranty coverage and maintenance is a breeze when leasing, as any issue that pops up under your warranty, as long as you don't go over the mileage limit, is covered.

• Trade-Ins: Once your lease agreement period is over, you can get another vehicle simply by trading in your old vehicle and paying any remaining fees. Then, when you come to Elgin CDJR, you can choose a new vehicle and drive it off the lot that day!

• High Approval Rate: While you could be denied for a car loan due to your credit score, it is much easier to get approved for a lease. Even those with no credit can be approved.

• Greater Options: When you lease a vehicle, you're able to stay up-to-date with the newest models.

Benefits of Buying a New Vehicle

• Total Ownership: When you buy a vehicle, then that means that it is completely yours to do whatever you want. If you lease a vehicle, there are restrictions to the modifications you can do, but that's not the case when you buy.
• No Mileage Restrictions: If you plan on doing a lot of commuting with your new vehicle, then you may want to consider buying the car instead of leasing. Leased vehicles could have mileage limits, while if you buy, you're free to drive as much as you want.
• Less Cost Over Time: Although it is more expensive to buy a car than lease it upfront, the cost can become lesser over time as you work to pay off your loan. A vehicle becomes less expensive to own as you have it for a longer time, especially with total ownership.
• Ability to Sell: Another benefit is that, since you aren't locked into a lease agreement, owning a vehicle outright allows you to sell your vehicle to whomever or wherever you want.
• Customization: If you want to make your vehicle really stand out on the Elgin streets, then you can fully customize your car to your liking when you buy rather than lease. Make your car a one-of-a-kind vehicle!
• Financing Options: Even though it isn't too complicated to lease a vehicle, financing one is a more straightforward process. It can also be great for people without the best credit scores. When buying, you also have the opportunity to refinance your loan and get lower monthly payments and interest fees.

Discover Your Financial Options with Elgin CDJR

When you're trying to determine the benefits of leasing vs. buying, turn to the experts at Elgin CDJR. We have even more information and can help you choose the best option for your situation! Just contact us and ask our amazing staff any question you have - like what a good car loan rate is, what credit score is needed to finance a car, and what the requirements are to get a car loan! While you're here, take a look at our entire new and used vehicle inventories, and apply for financing right now!