Buying vs Leasing
You may be asking yourself, “Should I buy or lease a new car in Colorado Springs, Colorado?” Understanding the options can be simple when you work with the team at Land Rover Colorado Springs. Plus, our handy guide to buying vs. leasing should help you decide which option works better for your specific situation.
Continue reading to learn the differences between these two financing options. Then, contact the team at our dealership near Cimarron Hills, Fort Carson, and Canon City, Colorado, when you’re ready to drive home in a new luxury automobile!
Owning a car can be a great investment. If you take care of it, you may not need to buy another car for many years. However, you can easily sell it down the line if you decide that a new vehicle is what you seek.
Additionally, since there are no mileage restrictions, you’ll be able to drive as much as you want. You can also customize your car with accessories, add-ons, paint and bumper stickers, or aftermarket performance enhancers.
Leasing a car can be cheaper than buying it outright since you’re only paying a percentage of the total price.
You won’t have to think about about finding a buyer for it when you’re done, either, as the dealership will take it back from you.
Furthermore, if you like to have the newest gadgets in your car, leasing may be your best bet. This is because you can regularly upgrade to drive the latest models. This also includes higher trim levels with features like heated front seats and navigation.
Who Owns It?
The car is yours and only yours. You might pay for it with cash or make payments under a financing plan.
If you’re financing the car, your lender will have you meet certain obligations, such as monthly payments or a down payment. If you have questions about this, they’ll work with you to make sure your needs are met.
Who Owns It?
The institution through which you’re leasing the car retains ownership. You’re essentially renting the vehicle.
Your contract will state that you’re using the car for a set amount of time in exchange for a set amount of money.
Financing a car means the bank or lender will need an initial payment from you, which is usually calculated according to your credit score among other factors. You may also choose to trade in your old vehicle, the value of which can be put toward your down payment.
A lease doesn’t typically require a down payment, but you’ll have to provide the first month’s payment along with a security deposit, acquisition fee, and any other applicable costs.
Keep in mind that it’s possible to lower the amount of your monthly payments by increasing your initial fee. Therefore, if you have a vehicle to trade in or wish to put extra money down initially, you may do so.
While the value of a new car begins to depreciate as soon as you drive it off the lot, you may be able to sell your car for a fair price as long as you maintain it properly. It’s important to visit a factory-authorized service facility at regular maintenance intervals for this reason.
Because you don’t own the car, you’ll turn it into the leasing agency at the end of your lease term.
However, pay close attention to any mileage restrictions or wear-and-tear guidelines—excessive use may cost extra when you return your automobile.
End of Payments
You’ll have to pay a certain amount as stipulated in your contract, but once you’re done, that’s it. The institution you borrowed from will send you a Lien Release, which is proof that the vehicle belongs entirely to you.
End of Payments
You usually just return the vehicle when your lease ends. However, you may be able to purchase it during or after the term of your lease or trade it in before the term of your lease is over.
If you think you might want to employ any of these options, ask your financing agent about them before the lease agreement is signed.
How to Buy or Lease a Land Rover
As you can see, there are plenty of benefits to purchasing or leasing a Land Rover. Plus, no matter which option you choose, the process is rather straightforward.
First, you’ll need to decide which vehicle you want to drive home. You can view our entire inventory online and find models like:
You can browse through each listing and even read some reviews and comparisons for more details. After finding a car or two you like, feel free to stop by our dealership to test drive them.
After finding your ideal set of wheels, visit our finance center to go through the next steps. One of our financers will discuss buying vs. leasing in detail, so you’ll know what comes with each option. We’ll also answer any questions you have so you can feel confident in your financing decision.
After you look over your loan or lease agreement, simply sign on the dotted line. The only thing left is to get the keys to your new luxury automobile!
Buy or Lease a Land Rover Today in Colorado Springs
Whether you buy or lease a new Land Rover near Colorado Springs or Cimarron Hills, CO, the brand is an exceptional value—regardless if you opt for the Discovery, the Range Rover Sport, or some other model.
To learn more about these financing options or to get started on the process near Fort Carson or Canon City, CO, don’t wait. Contact the team at Land Rover Colorado Springs for assistance today!