Are you contemplating a Lexus lease in Glenview, IL? This may be more beneficial than a purchase, depending on your specific needs. Here is an overview of how leasing compares and contrasts with buying. Neither option is inherently better, it’s simply a matter of which is more suitable for your individual needs.
When you buy a car, it becomes your property. You own it, meaning there are no restrictions regarding what you can do with the vehicle. There are no mileage limits, and you can modify it as you please. Other benefits of buying a car include:
- You can sell or trade the vehicle whenever you like
- You can let other people drive the car
- You’re not obligated to repair cosmetic damages like dents or upholstery stains
Leasing may be a good option if you don’t wish to be tied to the same car for the long run. Instead, you can drive the latest car model every 36 months. Keep in mind, however, that a lease is essentially a rent, and the dealership is still the owner of the car. This means there are restrictions, such as mileage limits, and most custom modifications are prohibited.
Here are some cost comparisons between buying and leasing:
- Buying has a higher upfront cost, mainly because of the down payment
- Buying and leasing may have different tax incentives
- Leasing on average has a higher insurance premium because certain coverages, such as gap coverage, may be required
- Leasing usually requires a security deposit and other charges like disposition and acquisition fees
Visit Fields Lexus of Glenview to see our inventory of new Lexus cars. We have purchase and lease options available to suit every driver, so schedule a test drive today!