Buy vs. Lease: The Pros and Cons

The terminology may confuse some, but buying and leasing mean two different things for those in the market for a new Volvo in Bend. Each has its advantages, so we're going to list a few of the reasons why buying might be a good bet for you. If you have any questions, visit our location at 20630 Grandview Drive or call us.

Leasing a car is similar to financing in many ways, but there are some key differences. When you are purchasing a car, the loan value is based on the entire cost of the vehicle, minus your down payment and trade-in value. When leasing, however, you're only financing the depreciation that occurs during the lease term (most commonly three years), plus fees. At the end of the lease term, you simply return the car to the dealership. Leases are a good way to have a predictable total cost of ownership. Many leases last about three years, or the length of a typical factory warranty.

If you tend to keep your vehicle for a long time, buying is probably a better option for you than leasing. When you buy, you own the car outright when the loan is paid off (though until then, the lender owns the vehicle). Throughout the length of the loan, you gain equity in the car as long as your payments outpace the depreciation of the vehicle. At the end of the loan, the car belongs to you, and your lender will transfer its title to you. Other than the basic costs of ownership - gas, insurance, repairs, etc. - you won't have to figure any car payments into your budget. Another huge benefit is the lack of a mileage restriction.

For our Bend, Redmond, Sisters, and Powell Butte customers interested in learning more, we suggest you visit us here at SmolichVolvo and let us answer your questions. We are here to provide you with an exceptional buying or leasing experience, so let us show you what great customer service looks like.

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Privacy Statement

Introduction
As a valued customer, we want to ensure your private information is kept private and only shared with those companies who are authorized either by yourself or as allowed or required by law. This document explains our privacy policy, gives you reasons why we ask for the type of information we do, and if we do reserve a right to share information with non-affiliated third parties, lets you "opt-out" of our reservation to do so. Please take a moment to read this entire policy.

Collection of Information
The purchase of a motor vehicle requires considerable accumulation of nonpublic personal information. For example, if we sell or lease you a vehicle - extending you credit at your request - we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit-reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.

Some of the information we obtain from you may be required by state of federal agencies, such as the Department of Motor Vehicles or the Internal Revenue Service. This information may be required even if you were to pay cash for your vehicle. Examples would be a driver's license or social security number.

Protecting Your Information
We safeguard nonpublic personal information according to established industry standards and procedures. We maintain physical and electronic safeguards that comply with state and federal law. We restrict access to nonpublic personal information about you to those employees and outside contractors who need to know the information to provide product or service to you. We prohibit our employees and agents from giving information about you to anyone in a manner that would violate any applicable law or our privacy policy.

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Unless we have indicated our desire to share your nonpublic personal information with non-affiliated third parties (by checking the box in the section below), we share information:

A) For everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, or report to credit bureaus.

B) For purposes of processing a sale or lease transaction as your request or authorize, such as submitting information to third party financial institutions that may be requested to take an assignment of the contract or verifying insurance coverage information.

C) When using outside service providers to help us provide you with products and services. Before providing information to our service providers we enter into contractual agreements prohibiting them from disclosing or using the information other than for the purpose it was disclosed.

D) With "Affiliated" companies. Companies that are affiliated with us include any company that controls us, any company we control, or any company under common control with us.

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Buy vs. Lease: The Pros and Cons

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