Buying: Ownership & Drivability
The default option many people think about is buying a car. This option comes with a myriad of benefits, many of which you may be able to surmise. Not only do you get to own the vehicle, but you also have control over how far and how often you drive it -- whether you're passing through Ranch or Venice, FL. This freedom is something a lot of drivers crave. It can be especially important for drivers who often are on the road, driving long distances.
The downside of buying is that it can come with a hefty monthly price. The majority of drivers have to take out an automotive loan in order to cover the initial cost of the vehicle. Because of the different factors that go into calculating a monthly price (the initial cost, your down payment, the APR, and the length, or term, of the loan), that price can often be on the higher end -- especially when compared to leasing.
Leasing: Short-Term Affordability
Leasing has quickly become a popular alternative to buying a car, and for good reason. The main benefit leasing offers is competitive prices. That's because leasing is often less expensive per month than buying is. The reason for that has to do with the differences in how leases are calculated. There are no automotive loans, for example, which are the main driving factor of how monthly prices are calculated when you buy a car. Additionally, leases are great for drivers who just need a vehicle for a short period of time. If you're looking for a car to drive for a couple years, then leasing may be the most cost-effective and flexible option available.
However, leasing does come with a few downsides. Firstly, you have to keep your vehicle in good condition. If you return it with more than the usual wear and tear, it can cost extra. You are always allotted a certain number of miles during your lease term. If you exceed these miles, then you will pay extra for every mile you exceed (usually, a cost of a few cents per mile). As such, leasing is not recommended for drivers who drive extensive distances or who are looking to invest in a vehicle for a number of years.
Ready for a Test Drive?
If you would like to learn more about our selection of vehicles, or if you have any questions about leasing and buying, we invite you to visit us at Volvo Cars Sarasota, located in Sarasota, FL. Our team would be proud to help you schedule a test drive with your preferred automotive option.
Additionally, you can check out our vehicle incentives and learn more about our Volvo Lease Pull Ahead program.
