Buying vs. Leasing in Schaumburg, IL
When shopping for a vehicle, unless you plan to pay in full, the question of how to pay for the car, truck, or SUV will inevitably cross your mind. Fortunately, there are two excellent payment options: buying (also known as financing) or leasing a car. Fox Valley Volkswagen in Schaumburg, IL, offers both payment options.
If you already know which type of payment plan works best for you, then jump right to our Volkswagen auto loan and lease page! We have several convenient online financing tools, including:
If you have questions about our payment options then don’t hesitate to contact us online or give us a call at (877) 544-6524! Ready to browse? Check out our new inventory and pre-owned inventory online.
Buying a Car: Pros & Cons
There are several pros and cons of buying a car, but in a nutshell: if you buy or finance a car then it is ultimately yours to do what you please with, but ownership includes keeping up with maintenance and repairs.
Pros of buying:
- The vehicle is owned by you once you complete payments
- There is no limit to how many miles you can drive the vehicle
- You can modify the vehicle’s appearance or performance to your preferences
- You can sell the car if you wish
- Long-term costs are lower than leasing
Cons of buying:
- You usually need a down payment or trade-in
- Monthly payments are higher than leasing
- Unless your car is still under warranty, you need to pay for repair and maintenance costs
- Your vehicle rapidly depreciates in value, which may be a surprise if you attempt to trade it in or sell it
Leasing a Car: Pros & Cons
There are also several pros and cons to leasing, but in summary: leasing allows you to drive a vehicle more luxurious than you prefer to pay for, and routine maintenance and many repairs may be covered under the manufacturer’s warranty, but there are limits to what you can do with the vehicle.
Pros of leasing:
- Low or no down payment required
- Lower monthly payments than buying or financing
- You can drive a more luxurious vehicle than you can afford to buy
- Routine maintenance and repairs are mostly or fully covered under warranty
- Trading in the vehicle at the end of the lease is easy and won’t be a potential financial strain
Cons of leasing
- You don’t own the vehicle at the end of the lease, so you must either buy the vehicle or enter another lease deal
- Your annual mileage is often limited, and you may incur costly charges for excessive wear and tear
- You cannot make any modifications to the vehicle
- If you decide the vehicle isn’t right for you, then it’s not easy to terminate a lease
We know that understanding vehicle payments can be tricky waters to navigate. If you have further questions, then please don’t hesitate to contact us online or speak to us directly at (877) 544-6524. Our financing experts are here to assist you in all your auto finance needs!