At our Northfield Volvo dealership, one question we hear from customers frequently is "Should I buy or lease?" The trouble with responding to this question is that every driver has a different answer. Depending on your plans for the vehicle you are considering and your personal financial needs, you may find that one option makes more sense for you. Here's everything you need to know about buying v. leasing, including some tips that will help you decide what is best for you.
When to Buy
· Buying is perhaps more desirable due to the simple fact that your monthly payments bring you closer and closer to full ownership.
· If you go on plenty of road trips you may want to consider buying rather than leasing, as many leasers will serve up extra fees if you drive more miles than the terms of your lease originally dictated.
· Finally, whether they're along for road trips or your everyday trips, if you expect your kids, pets or even luggage to cause noticeable damage to the vehicle, buying is a better choice.
When to Lease
· Leasing is a smart choice as it typically saves drivers money by requiring lower down payments as well as lower monthly payments when compared with buying. This is because lessees are only paying off the vehicle's depreciation rather than its full value.
· If you are the kind of person who changes his or her mind a lot, you may want to consider leasing a vehicle for its short-term contract alone. That way, when you decide that you're ready to move on up to the 2015 Volvo S60, our Northfield dealership can help you make it happen without bothering you over the sometimes tedious process of trading in a vehicle you own completely.
· If you plan to drive your vehicle 15,000 miles or less each year and are likely to keep your vehicle in like-new condition, then you are a strong candidate for a lease.
Of course, the person who will know best what is right for you IS you! When you visit our Northfield dealership for a test drive, do not hold back any questions you may have about the advantages or disadvantages of both buying and leasing.