Should You Lease or Finance a New Lexus?
Learn key differences between financing and leasing to help you make a decision.
Should You Finance or Lease Your Next Vehicle?
If you're considering a new car or SUV from Lexus of Chester Springs, you already know that finding the right model and trim level is already a big decision. But finding the right vehicle isn't the only big choice you'll have to make when it comes time to put a new luxury car or SUV in your Chesterbrook driveway. You'll also have to decide whether you should finance or lease your next vehicle, and the decision you make will decide a number of factors in your new vehicle experience. Don't worry though, the team of finance experts at our Lexus dealership near Downingtown and Valley Forge can help you understand which options are best for you based on your unique situation and lifestyle.
Lexus Financing Benefits
We'll start by discussing the benefits of financing to own your new Lexus model. In this scenario, you'll be taking out a loan to pay for the entire value of the vehicle. This has several upsides, starting with the fact that you'll be building equity in your Lexus with each payment you make. With the right down payment, your Lexus may even be worth more than you currently owe, putting you in an excellent position should you decide to trade or sell the vehicle before the loan term ends.
Not only that, but when you finance to own your Lexus vehicle, you're free to rack up as many miles as you need or want to, so you can take on those big family road trips you've always wanted to embark upon. And the final benefit is that once your loan is completely paid, you can keep your Lexus for as long as you want, allowing you to live without a car payment until you decide it's time to upgrade your vehicle once again.
Why Lexus Financing Might Not Be for You
Overall, financing is a great choice when it comes to taking home your new Lexus model, but it isn't the ideal scenario for some. For instance, if you don't drive very often you might decide that paying for the entire value of the vehicle isn't something you need to do. Furthermore, if you like having a new vehicle every few years, you'll either have a much higher monthly payment to get the shorter term you want, or you'll have to wait five or six years to get into something new.
Lexus Lease Benefits
On the other side of the coin, leasing a new Lexus might be an ideal way for West Chester and King of Prussia drivers to take home a new Lexus without breaking the bank. Because a new Lexus lease only requires you to pay for the estimated depreciation of the vehicle while it's in your hands, you can enjoy a lower monthly payment than with traditional financing. In many cases, the lease term is considerably shorter than a loan term would be as well, allowing you to upgrade your vehicle with each new model cycle, instead of being left behind. And those monthly payment savings may even allow you to get a higher trim level or a more premium Lexus model than you originally could have managed with a typical loan term!
You Might Not Want a Lexus Lease If…
Like any major decision, there are some downsides to consider if you choose to lease your new Lexus model. For starters, leases have mileage caps, and if you frequently drive long distances whether you have an extended commute or you just enjoy the open road on the weekends, leasing probably won't be for you. In addition, those who want to modify their vehicles, even if it's as simple as adding a tow hitch or roof rack, will have to consult the lender for approval or risk paying for damages at the end of the lease term.
Visit Our Dealership Today!
Now that you better understand the pros and cons to leasing a new Lexus from our Chester Springs dealership, you're ready to pay us a visit and pick out that perfect new luxury car or SUV and let our finance and leasing experts help you today!
How Can We Help?
* Indicates a required field
AdChoices