Lease vs Buy

      
 

Lease VS Buy: Which Financing Option is Right for You?

Explore the Benefits of Leasing & Buying to Determine Your Ideal Financing Option at Nick Mayer Lincoln Mayfield

Buying a vehicle or leasing a vehicle is a big decision, and not one you want to make in a hurry. If you've been mulling over your financing options for that new luxury Lincoln sedan, crossover, or SUV, take a moment to consider the following benefits of leasing and buying to see which one sounds like the most rewarding experience for you! If you have any questions along the way, you can always reach out to our financing experts at (888) 581-9712.


What Are the Benefits of Leasing?

Good question! There are plenty of reasons drivers from Mayfield Heights, Cleveland, Beachwood, Mentor, or Middleburg Heights might choose a lease over a loan.  Check out these benefits to see if leasing is your preferred path:

  • Money Matters:When you lease, your monthly payments don't actually reflect the sticker price on the vehicle. Instead, payment plans are determined based on the cost of depreciation, or how much the vehicle will lose value while you have it. Because it's based on a fraction of the cost, your monthly payments and down payments are often lower when you lease than when you buy.
  • Keep Things Fresh & Fun: Lease terms are usually somewhere between two to five years, at the end of which you're free to move onto another new Lincoln lease. This means you can get the newest models, newest technology, and freshest vehicles without having to worry about the hassles of buying and selling all the time.
  • Low- to No-Cost Maintenance:Most leased vehicles are new or current-model year vehicles, which means the manufacturer's warranty is often intact the entire time you're in possession of the vehicle. This means your out-of-pocket cost for many repairs and maintenance services could be low or nothing at all.
  • You might prefer leasing if….

    • you want the lower payments upfront and don't mind not building equity
    • you'd like to keep current with a fresh, new vehicle every few years
    • you don't want to worry about footing the bill for repairs and maintenance after your warranty expires
    • you aren't interested in personalizing or customizing your vehicle

     

Contact Nick Mayer Lincoln Mayfield

Contact

Lincoln of Mayfield

6180 Mayfield Road
Directions Mayfield Heights, OH 44124

  • Sales: (440) 442-8000
  • Service: (440) 442-8000
  • Parts: (440) 442-8000

What Are the Benefits of Buying

If you're more interested in building equity, no restrictions on how you use your vehicle, and pride of ownership, then leasing might not be your best option, but purchasing is probably right up your alley:

  • Drive Free: Leases come with a handful of restrictions that curtail the way you're able to use your vehicle. For example, there are usually mileage and maintenance stipulations indicating how many miles per year you can drive and a specific maintenance schedule you must adhere to. At the end of a lease, if you happen to go over mileage or your vehicle indicates excess wear and tear damage, penalty fees can be levied against you. None of this applies to a vehicle you've purchased, however. You can drive as far as you'd like and no one will penalize you for not maintaining your vehicle (except karma….).
  • Personalize Your Drive: Because you don't have any contractual restrictions on your vehicle, you can choose to customize your vehicle all you want. Of course, if you ever choose to sell your vehicle, some customization might lower your resale value, but hey, to each their own!
  • Pride of Ownership: Like you saw above, monthly payments for a loan are sometimes higher than they are when you lease, but the benefits of those payments are far richer. When you buy a car, you payments actually go toward the cost of ownership, which means when you pay your vehicle off, it's yours. There's a certain pride in owning a Lincoln vehicle, and aside from simply pride, vehicle ownership means you can actually build some financial equity in your vehicle, which isn't possible with a leased vehicle.


You might prefer buying if….

  • you want to own your vehicle
  • you want to build some equity
  • you don't want any limits on your vehicle except speed limits
  • you want the pride of owning your own vehicle
  • you want to personalize your vehicle with customization

 
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