The Basics Of Car Leases

by | Aug 16, 2017 | Automotive

When the time comes for you to get a new car you have three options available to you:

  • Buy the car outright for cash
  • Finance the purchase, or
  • Lease the car for a fixed period of time

How does a lease work?

It is easy to understand purchasing a new car, however. Leasing is a little different. Volvo leases in Arlington Heights are somewhat like long term rental. Every month you pay an agreed upon fee that gives you the right borrow and drives a new car for an extended period of time, usually three years. Once the lease period is over, you can buy it from the dealer, or you can turn it in. Many off lease cars end up as certified pre-owned cars.

There are restrictions when you lease a car, typically there is a cap on the number of miles you can drive without penalty, you are obliged to service the car at recommended intervals and any repairs that are not covered by warranty are your problem.

Many people like three years Volvo leases in Arlington Heights as the car is under warranty the full term of the lease.

When you lease, you never own the car unless you buy it for the amount specified in the lease at the end of the lease period.

The benefits of leasing:

Lower payments: If your concern is your monthly bill, car leases offer savings as the principal amount of the monthly payment will be less than it would be if you were to finance the car, furthermore, you can afford more car.

A new car every three years: Many people simply do not want the burden of an older car, when you lease you can have a new car every three years, one which is always under warranty.

No resale issues: You do not have to worry about selling the car at the end of the lease, just return it to the dealer, pay any small fees due and walk away.

If you are considering stepping up to a new car, Volvo leases in Arlington Heights give you an opportune way to do it. To discuss the benefits of leasing a new Volvo you are invited to visit McGrath Volvo Cars Barrington.

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