Volvo Lease: Four Things to Consider

 

Volvo Lease: Four Things to Consider

If you’ve been investigating Volvo’s impressive crop of vehicles, you’ve surely noticed that the brand offers some reasonable leasing options. Many customers are so accustomed to purchasing vehicles, they often don’t even consider the available alternative routes. While it may not necessarily appeal to every driver, we’re confident that you can find at least one reason why it’d be beneficial to opt for a lease.

Before you commit to one particular route, you should better understand the advantages and disadvantages that accompany leasing a Volvo. For instance, your budget may influence you to pursue one option, while your daily commute may force you the other way.

We’ll walk you through the four major factors you should consider before you choose to either purchase or lease a new car. We don’t want to give away any spoilers, but we’d reckon that you’ll be seeking a Volvo lease in no time…

First Thing to Consider: Your Budget

Are you a bit strapped for cash? Volvos are generally a bit more expensive than other brands, but this doesn’t mean you’re prevented from pursuing this grouping of vehicles. Rather, leasing a Volvo will reduce your monthly payments, making the vehicle a lot more affordable.

Why are these payments more reasonable? For starters, depending on the length of your lease, you won’t be required to pay the full price of your vehicle. While you’re committing yourself to the full price of the Volvo by purchasing it outright, you may only be obligated to pay two-year’s-worth of value. Furthermore, by opting for a lease, the dealership will presumably account for depreciation. Since you’d be effectively buying a vehicle at one particular time (despite the monthly payments), you won’t be able to utilize this financial advantage if you choose to purchase a Volvo.

How much of a savings can you expect? Those leasing a vehicle, regardless of the brand, will generally find that their monthly payments are about $200 less than those who just purchase a car. Not only is this extra money in your pocket, but that savings could also go towards future car payments.

These aren’t the only financial incentives of opting for a lease. The accompanying down payments are often less when compared to a new car, and you’ll occasionally see dealerships waive these fees altogether. Furthermore, the sales tax could be reduced, since most states tax owners on their monthly payments (as opposed to the overall price of the car).

Second Thing to Consider: How Much You’ll Be Driving

If you have a long commute, a leased Volvo may not be the best option. Now, this isn’t because the brand’s vehicles aren’t comfy and accommodating for these longer rides. Rather, lease agreements often limit how many miles you’re allowed to put on the vehicle.

If a driver exceeds these limits, then they’re probably obligated to pay some type of fee. Dealerships often require their customers to pay a particular price for each mile that they go over the limit. If you’re anticipating that you might slightly exceed the restriction each month, you could potentially look to negotiate a deal with the dealership.

When you think about it, these limits make plenty of sense. If you were looking to sell your car, you’d certainly notice that more miles on the odometer reduces the vehicle’s overall value. Therefore, the financial incentives (or penalties) generally even out for both sides.

Alternatively, a lease could be an excellent option for those who are seeking a car that can get them around the city. If you’re not anticipating any consistently long trips, you won’t have to worry about exceeding these limits.

Third Thing to Consider: Your Ability to Avoid an Accident

Most drivers are generally pretty careful when they’re operating a vehicle, especially when it’s leased. However, if you seem to have a propensity to run over curbs or hit trash cans, you may want to be wary of a leased car.

After all, most dealerships include wear-and-tear fees to their leased vehicles, so you’ll be financially penalized for any blemish on the interior or exterior. While these scratches or dings may not be your fault, you’ll undoubtedly be charged for them when it’s time to give up your leased car.

Of course, you shouldn’t worry too much. These fees are generally more severe for short-term leases. Dealerships understand that small accidents will happen over the years, so they won’t be inclined to penalize those who have been leasing the same vehicle for a while.

Fourth Thing to Consider: Your Commitment

Do you find that you change your mind often? Can’t seem to consistently stick to anything (whether it be a product, resolution, or some other personal goal)? In this case, a lease may be the best option for you.

Unless you have a whole lot of expendable money, you’re likely locked into a new car for potentially a decade. With a lease, you could be obligated to a vehicle for five years or less, and some dealerships even offer monthly lease options. That means if you dislike a particular attribute of the vehicle (or notice another vehicle that you like more), you’re not locked in long-term.

Furthermore, a leased vehicle could be an excellent option for those who are anticipating a change in living situations. If you’re going to be moving to a big city, you might find that it isn’t necessary to bring along your car. If this seems to be a future possibility, a leased vehicle may be the proper route.

There are clearly more advantages that accompany leasing a Volvo over purchasing a Volvo. Even the various “disadvantages” that accompany the lease option can easily be worked around. Meanwhile, you’ll likely have to deal with the disadvantages that go along with purchasing a new vehicle.

Regardless of which option you choose, one decision should have already been made. If you live in the Summit, New Jersey area, visit Smythe Volvo for all your questions and inquires regarding the brand’s vehicles. If you decide to seek a Volvo lease, you’re unlikely to find a better deal (or a more accommodating dealership) than Smythe.


Categories: New Inventory
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