730 East King Street Shippensburg, PA 17257
There is more than one way to bring a new car home with you. While most people choose to buy their new rides, leasing is another great option with a lot of potential. Here are some of the pros and cons to help you decide which is right for you.
If you decide to buy your new car, you will probably need to take out a loan. You will then make monthly payments until the balance and interest are paid in full. Once that happens, you will own the car outright and can do anything you want with it and won't have to make any more monthly payments.
However, buying some come with some drawbacks. One of the biggest is that buying is more expensive than leasing, at least at the beginning. Buying a car often requires a sizable down payment and higher monthly payments (thanks to the mentioned interest). You also have to deal with the unpredictable cost of depreciation.
More and more, new car shoppers are turning to leases. With a lease, you sign a contract and get to drive a brand-new car for a certain amount of time (36 months is common). You will still make monthly payments; however, since they are based on only a portion of the vehicle's value, they will be lower than a loan payment would be on the same car.
Because the length of the lease contract falls within the warranty period, you won't have to worry about extensive maintenance costs. Leasing also gives you the ability to drive a new car every few years without the hassle of selling or trading in your old car.Â
There are a few downsides. The first is that lease contracts come with mileage restrictions. If you exceed that mileage, you will have to pay a fee. You may also be charged for any excessive wear and tear.
If you have any questions about buying or leasing a new Cadillac, please contact the team here at H&H Cadillac.
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