When it is time to acquire a new vehicle around Colorado Springs and Cimarron Hills, you need to decide if leasing or purchasing is the best option for you. For some Fort Carson and Canon City, Colorado, car shoppers, owning a vehicle is the primary goal. Others may prefer to have a new vehicle every few years, which you can get with leasing.
Let’s go over the differences of both options by exploring this guide about owning vs. leasing. You’ll be ecstatic when you decide to either buy or lease a new INFINITI car, crossover, or SUV at Red Noland INFINITI.
Buying vs. Leasing
You’re the owner
Customize your car
New car every few years
Can sell or trade vehicle
Lower monthly payments
Most drivers finance their new vehicle. If you pay in cash, you can eliminate payments, but most car owners do not select this option.
With a loan, you’ll make monthly payments for several years, which include both principal and interest until it’s paid off. The interest rates the bank charges for the loan depend on several factors, including the market, type and age of car, credit score, down payment, and more.
As the car owner, you decide how you want to use the car and make it your own. When you’re ready for a new car, it’s up to you what move you make—you can sell or trade it in for a newer model. Once you’ve paid for the car through cash payout or financing, you’re the owner.
Whether you sell your vehicle when you’re ready for a new car or trade it in, these options provide value and versatility in what you can do with your ride. Those extra funds that may result from a sale will be very appealing.
Benefits of selling or trading your car include:
Plus, if you trade in your older car, it can go a long way toward the amount you’ll owe for your new car.
Make sure that you care for your car and take it to a factory-authorized service facility like ours for regular appointments. This extends the life of the car and makes it more viable if you decide to sell it in the future.
You may not even know what the future holds for your car, but it’s up to you. Luckily, even vehicles in less-than-ideal shape can be sold for parts or scrap, so holding onto that car can make a difference.
By making a down payment, you can reduce your monthly payment. This can work well if you’re looking for a car to match your lifestyle needs or may already be paying for another car in your family.
The down payment needed is generally calculated according to your credit score and credit history. If you trade in your old vehicle, the value can be used toward a down payment.
Once you pay off your loan, the car you’ve been driving is truly yours. You can keep it for as long as you can drive it and enjoy your ride a while without spending money on car payments. While new cars do depreciate when you drive them off the lot, they still carry a lot of value.
From the time that you purchase your car until the time that you make the last payment, you will not have the title. To get the title to the vehicle after you’ve paid it off, you’ll need to:
While you’re in the process of paying off your vehicle, the bank, credit union, or the lender you obtained your loan through holds onto the title. The title shows the lien representing your loan. Once it’s paid off, the financial institution will release that lien, and you, as the owner, can obtain a clear title.
Retrieving a new title that shows you own the vehicle will entail visiting the Colorado DMV office in your county. You’ll fill out the necessary paperwork, show the DMV representative your lien release, and they will issue a title in your name.
Generally, lease payments may be lower than your typical monthly payment for a purchase. In fact, they’re usually only a percentage of the average payment on a loan. This can open doors to more cars that appeal to you with the newest available automotive technology every few years.
While you’re essentially renting the leased car, you are responsible for any damage and should stick to your maintenance schedule. Otherwise, you could incur extra fees when you return the lease. This may include mileage overages or excessive wear-and-tear, so feel free to schedule a service appointment with us.
If you choose to lease a more premium vehicle or luxury car, a down payment may be required to offset the total retail cost of the vehicle. A sizable down payment, whether you trade in your current car or find a down payment through other means, can help lessen those payments.
When you reach the end of your lease, the finance manager will ask if you want to:
You may be asked about your intentions right away, but you don’t need to supply the answer yet. Get a feel for the car you’re driving and see what you think. You may decide that you love getting a new and cutting-edge car every few years.
Or you may even fall in love with the car you’ve got. In that case, the finance department at our dealership can work out the details of a loan. That will cover the remaining cost of the vehicle, and you can call it your own. If you’re not fond of leasing or want to pursue other automotive adventures, we can arrange that as well.
However you decide to finance your next car, many drivers need to consider what they’ll do with their older car. Usually, whether you choose to take out a loan or sign a lease, that car you’re driving will be part of the transaction. As we mentioned before, trading in your car can benefit you by reducing your monthly payments.
Before you choose the financial direction you’ll embark upon, you’ll need to spruce up your car for the trade-in. It does not matter what condition your car is in right now. You can take measures to improve its viability in the pre-owned car market. It just takes a little elbow grease and ingenuity.
The most important issues to tend to before trading in your car include:
So, you want to trade in your car. Make sure that you start by removing all the trash that takes up real estate in your car. This may be food wrappers, tissues, empty bottles, and anything else you spot. You’ll also want to remove any personal items such as gloves, phone chargers, granola bars, blankets, and more.
After you’ve taken these steps, clean the inside of the car. Vacuum the upholstery and floor mats. Spray down the dashboard, hand rests, and steering wheel. Then you can either wash the outside of your car yourself or drive to the local car wash for a refresh.
Talk to your finance manager at Red Noland INFINITI for their input about which INFINITI models are best for Colorado Springs and Cimarron Hills car shoppers. Stop by today to check out our huge selection of new vehicles, like:
• INFINITI Q50, INFINITI Q60
• INFINITI QX50, INFINITI QX55
• INFINITI QX60, INFINITI QX80
We have a plentiful selection for Fort Carson and Canon City, CO, drivers to choose from. You can get an outstanding value on any INFINITI car you plan to purchase or lease. Contact us online for more details about financing!
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