Buying vs Leasing – Learn the Facts
You’re in the middle of an exhilarating buying journey. You were in the market for a new Jaguar, you’ve tested a few of them out, and now that you have found the one you’ve been dreaming about, now what? There’s more than just one way to get behind that wheel – do you buy your new car flat out or is leasing the best choice?
To help give you the facts, Jaguar Ventura has created a buying vs. leasing guide chock full of the pros and cons of each option. Now drivers in the Ventura, Oxnard, and Santa Barbara area can rest easy, knowing that something is available for your unique lifestyle.
What Does Leasing a Car Mean?
To keep things straightforward, leasing a vehicle is much like renting. Instead of paying for the Jaguar up front, you’ll make monthly payments for a set time. While you’ll have complete use of the vehicle during this period, you do not technically own it. However, you can typically purchase it after the lease is up insome cases. Let’s take a look at the two main types of leasing options.
Closed-End Lease– This popular choice by consumers allows you to rid your hands of the vehicle after the lease is up. When returning the vehicle, all you need to worry about it excessive gas mileage that has racked up and wear-and-tear fees. If you have fallenin love with this vehicle, there is usually an option to purchase it from this point.
Open-End Lease– With this option, you are required to purchase the vehicle when the lease is over. However, there are some risks involved. Though you will have lower monthly payments, you will have to pay all the residual value costs.
How Does Buying a Car Work?
There are many ways to purchase a vehicle. You can pay up front with cash, you can trade-in a vehicle to lower your costs, or you can finance (or all three if needed). This process usually involves a down payment of the vehicle, as well as an auto loan if financing is not for you. Discover our Jaguar Ventura Finance Department to learn more!
When financing, the lender keeps the title until you pay off the vehicle through monthly installments. After, you own your Jaguar – as simple as that! However, mostly payments are usually more than that of a lease option.
Why Should I Lease a Jaguar?
The pros of leasing a car are very abundant, the most important being lower monthly payments. This is because you are paying for the depreciation during your use. There is also usually a smaller down payment or sometimes no down payment at all. This allows you to have a brand-new vehicle for a price that fits your lifestyle.
Additionally, you will have warranty and maintenance coverage during at part of the lease, and when your lease is up, you can easily trade-in for a new vehicle to keep up with the trends.
Why Should I Buy a Jaguar?
When you purchase a vehicle, you’ll have full ownership of it and can customize it any wayyou please. While some leases come with mileage restrictions, when buying, you can drive to your heart’s content.
You will also have no more loans to pay off when the financing process is over, and if you want to trade in your vehicle to purchase another down the road, you’re more than able since the car is 100% yours.
Buying vs Leasing – The Choice is Yours
We hope our article has offered some insight on whether buying vs. leasing a vehicle is better for you. If you have questions or are ready to look at some inventory, contact us at Jaguar Ventura today. Our team is proud to help drivers in the Ventura, Oxnard, and Santa Barbara areas.