Should I Buy or Lease a Cadillac?

If you’re looking to get your hands on the wheel of a new Cadillac in Washington, your two options are to either finance or lease one. Both leasing and financing have their own benefits, but one is bound to be more suitable for you. To help you determine which is right for you, we break down the pros and cons of both leasing vs. financing in the guide below.

Cadillac Leasing: The Good & The Bad

First things first, what is leasing? Leasing is basically a “long-term” car rental that lasts for 2 to 3 years on average. At the end of your lease contract, you have the option to either buy out your lease, trade it in for another vehicle to lease, or simply drop it off at the leasing office and go on with your life in North Las Vegas, NV.

The Good

• It’s less costly. Leasing is more affordable than financing, as monthly payments and down payments are less costly. This is because you’re only paying for the depreciation when you lease a car, instead of paying your way to ownership.
• It’s flexible. Because you have the option to eventually buy out your lease contract or to exchange your vehicle for another one, leasing is a great option for those who desire flexibility in their Cedar City driving situations.

The Bad

• You can’t build equity. If you’re looking to boost your credit score, you might be better off financing. This is because you cannot build equity with a lease, as you’re not paying your way to owning an asset.
• Penalties. Lease contracts typically have mileage limits. If you exceed the mileage limit, you may be subjected to penalty fees at the end of your lease. You may also be charged for any wear and tear on your leased vehicle.

Cadillac Financing: The Good & The Bad

Financing a Cadillac involves taking out a loan and paying it off on a monthly basis until your vehicle is fully paid off.

Financing: The Good

• You can sell or trade in at any time. When you lease a car, you’re pretty much stuck with it until your lease expires. This isn’t the case with financing. You can sell or trade in your Cadillac whenever you want in North Las Vegas, NV, even if you’re still paying off your loan.
• You can build equity. Making monthly payments on time is an excellent way to build equity and build your credit score.

Financing: The Bad

• It’s more expensive. This is the obvious one. Financing a Cadillac is going to be more expensive than a lease since you have to pay off the full retail price of the car, as well as any interest.

Discuss Your Options With Stephen Wade Cadillac Today

Still unsure whether leasing or financing a Cadillac is right for you? Our finance team is more than happy to answer any questions you may have and to determine which is right for you. Contact us online or give us a call at (435) 216-7125 today.