Trying to Decide Between Leasing or Financing Your Next Model? We Can Help You Choose

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So, you've found the new Lexus luxury vehicle that will improve your time spent behind the wheel, but many soon-to-be drivers struggle choosing the payment plan that works best for them. Leasing and getting a car loan each have their benefits, so it really depends on the buyer, but we've highlighted the differences between the two below, and you can always learn more by visiting our auto finance center in Arlington Heights!

Pros and Cons of Leasing

Pros

  • Lower monthly payments
  • Easy to keep changing out models every three years or so
  • Warranties cover lots of repairs

Cons

  • More expensive in the long term
  • There are mileage limits and you can't modify it
  • You'll have to keep it in good condition to avoid paying wear and tear fees

With leasing, you're only paying for the depreciation of the vehicle, so while you aren't the owner at the end of the agreement, you aren't paying as much per month over that agreement. Plus, if you love the model you're leasing, you can always buy it outright once the lease is up.

Pros and Cons of Financing

Pros

  • No limits on the modifications you can make
  • The more affordable long-term option
  • Drive as many miles and use it as roughly as you want

Cons

  • If you want to sell it, it falls on you
  • Higher monthly payments
  • Repairs are your responsibility once warranties are up

If you know that your next Lexus model is going to be the one you want for years, financing is a more sensible long-term decision. You'll have higher monthly payments, but it's yours to own, so you can sell it, modify it, and use it as much as you want.

Categories: New Inventory, Finance

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