Most people think that when they get a new vehicle, they have two options. Save up enough money to pay for it outright or get a loan. However, Volvo leases in Buffalo Grove give you another alternative, as well. While leasing used to be available for luxury buyers and corporate needs, almost anyone can lease a car, including college students and families.
How It Works
While there are similarities, car leases in Buffalo Grove are different than financing. When you purchase and finance a vehicle, the loan is based on the full cost of the car, minus down payments and trade-in. When you lease, you only finance depreciation values that occur during the term (usually three years) along with fees. Once the lease agreement is over, you return it to the dealership. You can then choose to enter into another lease agreement.
In most cases, the lease payment is lower than a monthly loan payment would be, though it depends on how much money you put down and your trade-in values. With leasing, you pay the difference between the expected worth of the vehicle at the end of the agreement and the car’s retail price.
Plus, you may notice that the down payment for leasing is much lower than for purchasing. In many instances, you aren’t required to put any money down for a lease.
Another benefit of a lease is that you can always be seen driving one of the newer vehicles. In most cases, leasing only pertains to brand-new cars. You’ll lease it for three years, which means it will then be a pre-owned vehicle. You can continue doing this every three years to always have the newest options and features.
Volvo leases in Buffalo Grove allow you to enjoy the benefits of a new car without purchasing it outright. Visit McGrath Volvo Cars Barrington for more information.