Car Lease vs Auto Loan

Car Lease vs Auto Loan

At Coccia Lincoln in Wilkes-Barre, PA

To Buy, Or Not To Buy?

Nearly everyone daydreams about buying a new car at some point in their lives. Whether you’re an old soul that's grown tired of ol’ reliable or an excitable young teen anxious for their first taste of freedom, the prospect certainly has an enticing appeal to it. Buying a vehicle gives you undisputed ownership over it, and aside from a sense of satisfaction this ownership also provides a bevy of tangible improvements. Monthly payments tend to be higher than those of an equivalent lease since you’re paying off the vehicle’s entire value, but you’re also able to sell or trade in your vehicle at any time you desire. Your purchase also builds equity, which is something a number of drivers plan for. The value does depreciate of course, but you still have the option of recouping some of your costs down the line.

Ownership over your vehicle also gives you complete and total control over its every facet, whereas vehicle leases come with a number of restrictions and conditions you must adhere to. Your vehicle can also be customized and personalized in whatever ways you want, which can increase its sentimental value immensely depending on the driver.

Lincoln vehicles parked together outside of Coccia Lincoln in Wilkes-Barre, PA

Leasing Options

In the modern age, however, the automotive industry is seeing a stark rise in vehicle leases. When leasing first became an option, it mainly catered to the highest of high-end luxury automobiles, with high prices and suffocatingly restrictive terms to coincide with their status. As the possibilities offered by car leases were explored further, consumers saw a rapid rise in the amount of vehicles offered. In the modern landscape, nearly any vehicle you could ever want can be found available to lease.

The most obvious difference between buying and leasing can be found in the ownership. You don’t own a leased vehicle, instead, you use it until your lease is up and then subsequently return it to the dealership. This may not sound as appealing upfront, but it does offer a number of benefits that buying simply doesn’t. First and foremost, both upfront costs and monthly payments are almost always lower when you lease. This is due to the fact that you’re merely paying for the depreciation your vehicle will experience during its lease, rather than the entirety of the car’s value.

Car leases also get you into new vehicles more easily, allowing you to sample the latest and greatest automotive offerings. Early terminations usually come with fees, however, so be sure to find a car you’ll enjoy for the chunk of time you’re leasing it for. Depreciation is also no longer a worry, since the car’s future worth doesn’t affect you either way. The biggest cons associated with car leases would be the limits placed on things like mileage, and any residual wear and tear must be rectified and repaired before your vehicle is returned. Should you find parameters that work for you, however, then you’ll receive an astounding automobile at a fraction of the price you’d pay for it in an outright purchase.

Smart Financing Made Simple At The Coccia Lincoln Finance Center

Whether you’re shopping for an auto loan, car lease or looking for a Pre-Owned Vehicle in Wilkes-barre, we here at Coccia Lincoln employ the best and brightest to make everything as painless as possible. From start to finish we strive to provide a superior shopping experience that satisfies the needs of even our most discerning and selective shoppers. We’re proud to offer the Wilkes-Barre, PA area our extraordinary vehicles and dedicated service, and we appreciate each and every visitor. Our Lincoln finance experts utilize capable Lincoln finance tools and an extensive list of contacts to get you the best deal possible; complete with low price points and low interest rates.

Our financing team is very knowledgeable about the car lease or auto loan options available for you. Visit us at Coccia Lincoln — Wilkes-Barre’s premier Lincoln dealership — and explore all of your options with us today. No matter which option you ultimately decide to go with, we’re here to ensure it all goes off without a hitch!

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