Buying vs. Leasing with Land Rover
Should I buy a new car or should I lease? The options can be confusing. This handy guide should help you decide which option is the right choice for your Phoenix and Scottsdale adventures. Here’s a brief overview to get you started:
- When you buy a car, you’ll be paying for the entire cost of a vehicle. Some people are able to pay upfront, while most will need to begin a payment plan to repay a car loan – but even if you pay in increments, you still pay the full price of the car.
- When you lease a car, it’s yours to use for a set amount of time as you pay a portion of the car’s value each month. That way, you’re only paying for the time you use the car.
The Ins and Outs of Financing
Owning a car can be a great investment. If you take care of it, you may not need to buy another car for years, or perhaps be able to sell it for a good price when you opt for something new. Because there are no restrictions, you’ll be able to drive as much as you want. And you can customize your car with accessories, add-ons, paint and bumper stickers, or aftermarket performance enhancers.
- 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 require you to meet certain obligations, such as monthly payments or a down payment. Otherwise, your car can be repossessed.
- What Are the Up-Front Costs? – 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 towards your down payment.
- How is Future Value Determined? – 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. However, even a car in bad shape may be sold for parts or scrap.
- Reaching the 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 and may not be repossessed for nonpayment. The vehicle is now yours.
- What Are the Best Cars to Finance? – The best cars to finance are those with great reliability scores or those made by brands with a reputation for dependability. The biggest benefit of financing is the chance to live without a monthly car payment, and so it only makes sense to choose a vehicle that will last for years, even after you’ve paid off your loan.
- Does Land Rover Financing Include Maintenance? – New Land Rover vehicles do not include complimentary maintenance. However, a Land Rover pre-paid maintenance plan can help you save up to 25% on the cost of basic care. You’ll also be covered by a warranty.
The Ins and Outs of Leasing
Leasing a car is much cheaper than buying it outright because you’re only paying a percentage of the total price. You won’t have to worry about fetching a good price or finding a buyer for it when you’re done, as the dealership will take it back from you. If you like to have the newest gadgets in your car, leasing may be your best bet, as you can regularly upgrade to drive the latest models. You may also be able to drive a fancier car than you could normally afford, especially if you take advantage of our exciting Land Rover leasing offers.
- Who Owns It? – The institution through which you are leasing the car retains ownership. You’re essentially renting the vehicle. Your contract will state you’re using the car for a set amount of time in exchange for a set amount of money.
- What Are the Up-Front Costs? – A lease doesn’t typically require a down payment, but you will have to provide the first month’s payment along with a security deposit, acquisition fee, and any other applicable costs. It’s possible to lower the amount of your monthly payments by increasing your initial fee.
- How is Future Value Determined? – Because you don’t own the car, you will turn it into the leasing agency at the end of your lease. However, pay close attention to any mileage restrictions or wear and tear guidelines—excessive use may cost you extra when you return your vehicle.
- Reaching the 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 is signed.
- What Are the Best Cars to Lease? – The amount you’ll pay for a lease is based on the amount of time you’ll have the car and the amount it will depreciate once you’ve driven it, so the cheapest leases are those for cars that will retain their value after the term of the lease is up. You can review lease ratings to see which cars will depreciate quickly and which cars will stay valuable.
- Does a Land Rover Lease Include Maintenance? – Basic complimentary maintenance is not included with your lease, but most drivers will retain Land Rover warranty coverage for their entire leasing term. That means that you don’t have to worry about unexpected costs.
Finance or Lease with Land Rover North Scottsdale
Whether you’re interested in financing or leasing, Land Rover North Scottsdale can help you take your daily drives and adventures to the next level. If you’re anywhere near Arrowhead or Phoenix, take a close look at our new model inventory or our stock of certified pre-owned vehicles.
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