auto salesperson holding out car key
Buying Leasing
Generally higher Down Payment Generally lower
Generally higher Monthly Payment Generally lower
You own the vehicle Ownership You do not own the vehicle (but may be able to purchase it at the end of the lease)
You may customize the vehicle as you wish Customization You may only customize the vehicle with approval from the dealer

Buying vs. Leasing a New Car in Elgin IL

young couple standing at car on sunny day

So, you have decided it is time to upgrade your wheels. You have waited long enough, and you want to go out and get a new car. Every time you have gotten a new ride, you have bought it, but now you see so many commercials and hear a lot of chatter about leasing, and you start to wonder if that may be the better option. What exactly does leasing entail, anyway? Let’s go over buying vs. leasing a new car in Elgin IL and try to help you figure out which option is best.

Whether you are buying or leasing, each one has its pros and cons. If you are buying a car, your down payment and monthly payments thereafter tend to be higher than what you would pay if you were leasing the car. But if you buy a car, it belongs to you. There is something to be said about pride in ownership, and you will be able to customize your car in whatever way you want. If you lease a car, you do not get that freedom, since the car does not belong to you.

Should you lease a new car or buy a new car?

Ultimately, it all depends on your lifestyle. Leasing is a great option if you would like to get behind the wheel of a new car every few years as opposed to driving one car until the wheels fall off. Many leases also give you the option of buying the car at the end of the lease period, so buying is not completely out of the question with a lease. During a lease, though, you will likely be contracted to driving a set amount of miles, whereas when you buy a car, you can drive as many miles as you wish.

Essentially, you want to evaluate your lifestyle and see where you want to be in the present as well as the near and far futures. There is really no totally right or wrong option as far as buying or leasing a new car; it all depends on your plans and your desires. If you have any questions about buying or leasing, or if you would like to know more about some of our specific leasing offers, please contact us. We will be happy to assist you!

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