Buy vs Lease near Naperville, IL

Here at Heritage Cadillac we want you to feel informed and confident about your finance options. We know that customers often debate about whether they should buy or lease, so we've put together a quick summary of the key differences! If you have any questions don't hesitate to contact our team. 

Buying

We'll start with buying. One way to buy is to purchase the vehicle outright and paying for the entire costs up front, but that is usually a rare circumstance. In most cases, customers who purchase will choose a finance plan that breaks up the cost to own a period of time, often around five or six years. A key factor to leasing is lowering the amount you have to borrow, so we recommend thinking about how much you have to put towards a down payment or if you have a vehicle you can trade in. With buying you can choose from our great selection of brand new Cadillacs and our pre-owned lot. Once you own the vehicle, driving it will come at little cost to you, simply maintenance and insurance. 

Leasing

Now we'll cover leasing. Leasing is more of a borrowing transaction, since you'll be driving the vehicle of your choice for a set period of time before returning back to the dealership. During the lease you will need to follow a mileage limit, keep up with routine maintenance, and keep the vehicle in good condition. The main element that leasing offers is lower short-term costs. Since you aren't working to pay off the vehicle, your monthly payments will be based on the residual value or what it's worth at the end of the lease. There is also less due at signing. Another thing to keep in mind is that leasing is typically for new vehicles only. When the lease is up you'll meet with us to return the vehicle and decide your next step, whether that's leasing the newest iteration, trying out a different Cadillac model, or buying the one you've been driving. 

Your Lifestyle

Still not sure which one is right for you? A few things to consider include your daily events in and around Naperville. Are you mainly using your vehicle for local driving with the occasional weekend journey? Do you enjoy the latest technology features and often want to switch out your vehicle after a few years? Leasing could be the right fit. Or, do you prefer to take long road trips across the Midwest and want a vehicle for years to come that you can pass down to family members? If so, buying a vehicle is likely the right investment for you. We would be happy to go over either option more in depth and even provide a customized plan for each to help you decide. 

Stop by and talk with our Finance Department to continue the discussion with buy vs lease near Naperville, IL! Heritage Cadillac is your trusted source for sales and service.