Should I Buy or Lease a Land Rover?

Range Rover Sport

Are you looking to take home a new Land Rover in Chicagoland but not sure yet whether you should buy or lease your next model? Land Rover of Naperville can help. There are benefits to both buying and leasing, and deciding which one is right for you will depend on your needs, driving habits, budget, and more. Compare the benefits of buying vs. leasing below!

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Benefits of Buying a Land Rover

If you know you want to keep your Land Rover long-term and love it for years to come, buying might be the right option for you. And if you are considering a used Land Rover, you’ll have plenty of options, while used vehicle leases are less common.

  • Cost Over Time: While purchasing Land Rover might cost more money upfront, once you pay off the auto loan you’ll still be left with the equity of the vehicle.
  • Financing Options: There is more flexibility with financing plans, and If you build up your credit while still paying off your auto loan, you can apply to refinance your loan and lower your interest rate and monthly payments in the future.
  • Customization: Since you own your vehicle, you can customize and alter it however you want with Land Rover parts and accessories to get the most out of your drives and off-road adventures. On the other hand, leasing is like renting an apartment, where you can’t make major changes because you don’t own it.
  • Ability to Sell: When you buy outright, you can sell the vehicle whenever you like to whoever wants to buy it.
  • Unlimited Miles: If you drive more than a lease mileage limit, you will incur fees. So if you do more than the average amount of driving around Aurora and beyond, buying your Land Rover might be smart.
  • Off-Road Freedom: Driving a leased vehicle off-road can be a gamble since any wear and tear may result in additional charges at the end of the term. That’s not an issue when you buy.

Benefits of Leasing a Land Rover

Leasing luxury vehicles are more common than you’d think–in fact, a 2011 study showed that over 35% of Land Rover vehicles in the U.S. were leased. The numbers were even higher in cities like New York and LA, with over 50% of Land Rovers being leased. Find out below why leasing might be right for you.

  • Upfront Payments: Monthly lease payments are lower than the financing repayments, and you won’t be expected to put down such a large down payment.
  • Sales Tax: In most states, you’ll pay significantly less sales tax when you lease instead of buying outright.
  • EasyTrade-Ins: When your lease agreement ends, you can simply visit your local dealer and upgrade to the latest model to get the latest tech, or you have the option to get a completely different vehicle, or even buy out your current lease if you decide you love it.
  • Great Coverage: Your bumper-to-bumper warranty should cover your lease term if you get maintenance done at an authorized service center, so you won’t need to worry about the headaches and costs of maintenance.
  • High Approval Rate: If you’ve been denied an auto loan thanks to poor credit history, you might find getting approved for a lease is easier.

Explore Financing & Leasing Options in Naperville

If you have any questions about leasing, car loan payment plans, and more, our finance team can help guide you and get you closer to taking home your favorite Land Rover. Be sure to check out the rotating new vehicle specials at your local authorized Land Rover retailer, and contact us when you are ready to schedule a test drive!