Buying vs. Leasing in Glenview, IL
Picking between leasing or buying a car for the first time can feel overwhelming. Both choices have their advantages and disadvantages, and the right choice depends on what you need and your financial situation. At Napleton Lincoln of Glenview, we can help you decide by explaining the pros and cons of leasing and buying a Lincoln vehicle.
Leasing a Vehicle
Pros
With Napleton Lincoln of Glenview’s leasing options, you can enjoy several benefits. Monthly lease payments are often lower than loan payments, making it easier to drive a nicer, newer vehicle. Leasing gives you the option to pay for only the time and distance you use the car. When your lease term ends, you can choose to buy the car or return it and explore new choices. If you're using the car for business, there may be tax deductions available, so it's a good idea to talk to a tax expert for more information.
Cons
When leasing, there are a few things to keep in mind. You won't own the car at the end of the lease, so you'll need to decide whether to lease another vehicle or buy one. Also, leases usually come with mileage limits—often between 10,000 to 15,000 miles per year. Going over these limits might mean extra charges. While initial costs for leasing can be lower, leasing cars repeatedly could cost more in the long term compared to owning a car outright.
Buying a Vehicle
Pros
Buying a car means it's yours to keep for as long as you like, which allows you to build equity and potentially sell it later to recover some of your cost. Ownership comes with the freedom of unlimited mileage without worrying about exceeding any limits. While the upfront cost might be more, having a car you own can save money over time, especially if you plan to drive it for many years.
Cons
Financing a car purchase often results in higher monthly payments, which might be tough on your budget. New cars also tend to lose their value quickly in the first few years. Unlike leasing, buying means you'll be driving the same car for a long time and might miss out on the latest features.
Lease or Buy Your Next Vehicle at Napleton Lincoln of Glenview
Whether you choose to lease or buy depends on your personal needs, financial situation, and lifestyle. Think about the pros and cons listed above to help make the right decision for your first car. Discover more about our leasing options at Napleton Lincoln of Glenview.