Should I Buy Or Lease?
When you're on the lookout for a new vehicle to enhance your Odessa commutes, it's important to ask yourself what the best financial path to take is. There are benefits to both but you'll want to compare leasing vs. buying to fully understand what each entails. This way, you can get the lease or loan that fits your needs, what you can afford, and what features you want out of a new vehicle. Learn more about the benefits that come along with financing and leasing so you know which is best for you when you visit our finance team at Sewell Cadillac of Midland.
Benefits of Buying
- No Mileage Restrictions: If you’re driving your vehicle inside and outside of the Andrews area, you may want to consider buying. Without the mileage limits you get on a leased vehicle, you’re free to drive as much as you want.
- Total Ownership: Buying a vehicle means it’s yours completely. This means you are free to do with the vehicle what you please. There are no restrictions on how it’s modified, decorated, etc.
- Customization: Want to make your new vehicle stand out among the crowd? Buying rather than leasing allows you to make cosmetic and mechanical changes as you see fit. Create the car of your dreams without restriction.
- Ability to Sell: Since you’re not locked into a lease agreement, you can opt to sell your vehicle whenever you choose.
- Financing Options: While leasing isn’t a massive headache, the car financing process is more straightforward, and generally open to those without perfect, or great, credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments.
- Less Cost Over Time: Though buying a new car is more expensive in the initial period, it is less troublesome in terms of cost over time as you work towards paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.
Benefits of Leasing
- Lower Payments: Whether it’s monthly payments or down payments, when you lease a vehicle those costs will be much lower than buying.
- Less Sales Tax: In most states, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
- Trade-Ins: When your lease agreement is over, the process of getting your next leased vehicle is simple. Head to your local Midland dealership, pay any remaining fees, and drive away in your next vehicle of choice.
- Great Coverage: Warranty coverage and maintenance is a breeze when leasing, as any issue that pops up under your warranty, as long as you don’t go over the mileage limit, is covered.
- Options: Leasing allows you to stay in the newest models with the most up-to-date tech every time you lease a new vehicle. You’ll have tons of options and will be able to find the perfect model and features for you.
- High Approval Rate: While you may be denied for a car loan, it is much easier to get approved for a lease, as even those with poor or no credit can be approved.
Explore Leasing and Financing Options at Sewell Cadillac of Midland
After you see the differences between a lease vs. buying, the decision should be easier to make based on your needs and financial situation. Explore your options, as well as our available leasing and financing deals, then talk with someone from our finance team to get the process started! In the meantime, don't hesitate to contact us with any questions about how much an oil change is, to find out which Cadillac models are AWD, and more!