Most Arlington Heights residents know that it is easy to buy a vehicle using a traditional car loan. You find a lending company, usually from the dealer, borrow the money, make monthly payments until it’s paid off, and then own your car. However, another option is available and has been for generations. Volvo leases could be the right choice for you, but it’s important to learn the basics first.
Benefits of Leasing
Leasing can be a more appealing option than buying. For one, monthly payments are typically lower because you don’t pay on the principal. Instead, you borrow and repay the amount of depreciation on the car over time, plus any finance charges.
All leases are new vehicles, which means you aren’t likely to experience many repair problems. However, most contracts require you to keep up with maintenance, such as oil changes, tire rotations, and fluid flushes. You also get to drive the latest model with the newest and most advanced technology, and the vehicle is under warranty for the duration of your time with it.
Along with such, you can drive a new vehicle that is better equipped and may cost more than you can afford; however, you aren’t paying monthly payments to own it, and only pay towards depreciation and any agreed-upon fees. Therefore, you can save money and still drive something excellent.
While there are many benefits of leasing, there are a few caveats. For one, you don’t own the vehicle and cannot make any cosmetic or performance changes without consent. For another, if you don’t follow the rules in the contract, you may have to pay for any damages and pay for extra mileage you put on it.
Volvo leases are an excellent alternative to ownership. Visit McGrath Volvo for cars near Barrington at https://www.mcgrathvolvocars.com to learn more.