When you are searching for a new Subaru vehicle, you have options when it comes to leasing or financing your new car. There are benefits to both leasing and financing, and you will want to consider the benefits of each. At Holmgren Subaru in North Franklin, we understand that you want to get your money's worth whether you buy or lease your next vehicle.
A team member can talk to you about the monthly payments for leasing and financing and discuss the benefits to each. If you are ready for a new vehicle, it's time to see what you can drive off the lot today.
Why Leasing Might be Right for You
When you lease a new vehicle, your payments will be lower than if you financed the same vehicle outright. Leasing is great for people who like to drive a new car through Norwich, CT, every couple of years and those who don't want to deal with vehicle depreciation yearly. If you know you are going to want a new vehicle by the time the lease is over, it's generally cheaper overall to just lease your Subaru.
You will have the option at the end of the lease to purchase your vehicle if you choose, and this will allow you to purchase the leased vehicle at a fair market price.
When You Want to Finance a New Vehicle
For people with excellent credit, your monthly payments may be low enough on a new vehicle that you can afford whatever you want without leasing the car. If you are interested in keeping the vehicle long-term, you will build up equity in your vehicle when you start making payments.
As you build up equity in your vehicle, you can trade your vehicle for a new one using your vehicle as leverage. If you have paid off the vehicle, you can sell it outright and use the cash for whatever you want around New London.
Find Out if You Need GAP Insurance
GAP insurance is commonly built into lease agreements, as you want to be sure you are covered if the vehicle gets totaled. When you finance a vehicle, GAP insurance covers the difference between what you owe on the vehicle and what it is currently worth. You turn the car over at the end of your lease and can lease a new one.
If you finance the vehicle, you own it once the loan is paid off. GAP insurance protects you in the event you are in an accident with a new car that is worth less than what is owed on it.
Should You Buy or Lease Your Next Vehicle?
Understand that by leasing a vehicle, there may be restrictions on how many miles you can drive each year, or you will have to pay an additional fee. You might not be able to move to another state with a lease, either. If you are financing a car, you might need to pay the vehicle off before you can move to another country, but you can move to a different state if you want.
Leasing saves you money on monthly payments while financing the vehicle means you ultimately own the vehicle. It is up to your preferences, but both options can work for you in Hartford.
To learn more about leasing or buying a Subaru, visit Holmgren Subaru near Middletown and come speak to a member of our sales team. Find out what your monthly payments would be and see if you can afford the vehicle you love. Leasing and financing are both safe ways to get a new vehicle.
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