Should I Buy or Lease?

Finance Paperwork with Glasses

When it’s time to shop for a new Cadillac you might want to ask yourself, “Should I buy or lease?” The finance department at Thompson Cadillac can help Nixa car-shoppers decide whether leasing vs. buying is best for your financial situation, budget, and how you drive in the Springfield area. One isn’t necessarily better in leasing vs. buying, but one is likely better for you. 

Leasing vs. Buying: Costs

  • When you lease a car you’ll enjoy lower monthly payments and a lower down payment. Your sales taxes will also be lower. However, in the long run leasing isn’t an investment like buying. You can’t recoup your costs by selling the vehicle. 
  • Buying a car generally means you’ll have higher monthly and down payments, but once you’ve paid off your auto loan you can keep your car with no more payments. Then you can sell or trade it and recoup some of the cost. 

The Bottom Line: If you want to keep your vehicle for more than three years and save money in the long run, buying is a better option for you. However, if you want a new car every three years or so, or you need a new car and you’re working with a lower monthly budget, leasing is a better option. 

Leasing vs. Buying: Mileage & Restrictions

  • When you buy a car you’re not subject to mileage restrictions. Drive as much as you want in the Republic area and beyond. 
  • People who lease will need to abide by mileage and other restrictions since the car doesn’t fully belong to them. 

The Bottom Line: If you take long road trips or rack up the miles commuting from Aurora, leasing might not be right for you. 

Leasing vs. Buying: Total Ownership 

  • When you buy your car you own it. Even if it’s financed, you can customize the car with parts, accessories, and decorations however you want. Also, you can sell your vehicle whenever you want, or refinance it for a lower interest rate. 
  • When you lease, you have to keep the car as close to factory condition as possible since it’s technically owned by the dealership. That being the case you also can’t sell the car. However, when your lease expires you just return the car to the dealership without having to worry about selling it yourself. 

The Bottom Line: Since most Cadillac vehicles are extremely well-equipped it’s unlikely you’ll feel the need to customize. If that’s the case leasing is a great choice. 

Answer, “Should I Buy or Lease?” with Thompson Cadillac

Still need more information about leasing vs. buying? Contact Thompson Cadillac and we can work with you and your unique financial situation to help you decide which option is right for you.

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