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Finance vs. Leasing
Find which payment method is best for you at Wynn Volvo Cars Norristown
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Here at Wynn Volvo Cars Norristown, we want to be more than just a place to find the latest Volvo cars and SUVs-we're dedicated to delivering a first-class experience throughout your car-shopping journey. That means ensuring a hassle-free buying process with compelling offers, incentives, and personalized financing opportunities that fit your needs and budget. An important part of the process includes deciding whether you want to finance or lease your next Volvo. So to help you get a head start, here's a quick overview of the differentiating characteristics of each method.
To briefly summarize: the primary distinction between a loan and a lease is ownership. Financing involves paying down a balance and eventually receiving the vehicle's title. Lease is like renting, as you are paying to drive the vehicle for a predetermined amount of time, after which you have a few options for what you want to do next.
Benefits of a Volvo Lease
There are a few advantages to leasing that may make it a more appealing option for your Collegeville commutes compared to a loan. For instance, a lease typically costs less than a loan over the same period. The down payments and monthly payments are usually lower, as are taxes since they're levied on the payments, not the vehicle's full price. Plus, you're always covered by a warranty.
A lease's short-term nature means you're not bound by a lengthy commitment. You can upgrade sooner and get access to the latest features (and that new-car smell) every few years. In that way, leasing is great for "trying before you buy." If you decide you want to keep the vehicle, it's easy to transition to a loan for the remainder of the balance. But if your needs or preferences change by lease-end, you can try a different model.
A lease's residual value could help you get a good on purchasing the vehicle at the end of the contract. Before you lease signing, the lessor will give an estimate of what they expect the vehicle will be worth by the end of the term. If the actual resale value ends up exceeding residual value, contract terms give you the option to purchase the vehicle at a discount. And if the resale value is less than the initial estimation, those same terms protect the lessee from depreciation.
There are a few important restrictions to consider before deciding on a lease, including mileage limitations, early termination fees, and a prohibition on modifications. Additionally, the lessee is responsible for damage beyond "normal wear and use." Check out our leasing FAQ page to learn more!
Benefits of Volvo Financing
Financing often involves a longer commitment with higher down and monthly payments. You will also be responsible for repairs after the new vehicle warranty ends-though you may select extended coverage options are available. That said, you own the vehicle outright. You can modify it as you wish, sell it at any time, and not worry about exceeding a yearly mileage limit.
Learn More at Wynn Volvo Cars Norristown; Serving Conshohocken
If you'd like more information about the latest Volvo models or available financing and leasing opportunities, please reach out to Wynn Volvo Cars Norristown at your convenience. And if you'd like to get behind the wheel to experience Volvo's premium accommodations, features, and performance for yourself, we invite you to visit us for a test drive. It will be our pleasure to assist you.