At The Autobarn Volvo Cars Oak Park, we're here to help you make the best car buying decision for your family, lifestyle, and budget. While you are weighing the decision to lease or finance your next Volvo, our team is here to help you make an educated, car buying decision. Determining which is better for you can consist of asking yourself a few simple question:
How much can I afford a month?
Leases generally carry a less expensive monthly payment for the same vehicle. Monthly payments for financed cars can be higher; however, both buying options depend on your credit score and available down payment.
How much of a down payment can I afford?
Down payments can help lower your monthly payment. On a financed car, a down payment also helps you pay less interest paid over the life of the loan. Down payment requirements are also generally lower for leased cars. It is recommended to put at least 20% down to help you down the road. If you put down less than 20% at the time of purchase, you may owe more than your car is worth at the time at the time of trade-in. However, how much money to put down is ultimately up to you and what is best for your financial situation. Our team at The Autobarn Volvo Cars Oak Park specializes in personalized financing options for all budgets.
How long do I plan on owning this car?
If you enjoy driving a new car frequently and having the latest technology, then leasing is probably right for you. When you lease new Volvos every few years, you'll always be able to get the latest technology. Financing a new Volvo is a long-term investment. If you take out a car loan instead, you will own the car at the time of loan end. This buying option offers vehicle equity gained after each payment.
How often do I plan on using this car?
Is this car for business, recreational use, or both? Determining this will let you calculate the overall mileage you think you'll put on your car monthly. Leased cars have set mileage limits before incurring extra cost, where as financed cars don't have these limitations.