How to Choose Between a Lease and a Purchase

One of the hardest decisions to make is whether you want to buy a used car or lease a new car. In many cases, the monthly payment for a lease and a used car are similar. However, there are some key differences between a lease and purchasing a vehicle outright.

Leases Have Miles Restrictions

If you choose to lease a vehicle, you will likely be placed under a yearly mileage cap. If you go over that cap, you have to pay a fee for each additional mile driven. Typically, the mileage cap is 10,000 to 12,000 miles annually. Therefore, if you like to drive a lot, it may be better to buy a vehicle from a used Cadillac dealer in Channahon.

Leases Have Wear and Tear Clauses

Most leases will charge you extra if the car has significant wear and tear on it. If you are someone who likes to drive off the beaten path or otherwise likes to get the most from your vehicle, this could be problematic. Unless you are just driving a few miles a day or stick to the highway, it may be better to buy a used car instead of leasing a new one.

You May Not Have Access to Equity

When you buy from a used Cadillac dealer in Channahon, you own the vehicle and the equity that you accrue in it. While it may be possible to get equity from a leased vehicle by trading it in, this is not always possible. Therefore, if you plan on using your current vehicle for a trade in the future, it may be best to buy instead of lease.

If you are in the market for a used vehicle, visit right now. You can also choose to visit Hawk Cadillac of Joliet at your earliest convenience.

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