Chicago Car Leases
Chicago is known around the world as one of the greatest cities ever built. The city is bustling with nearly 3 million people and boasts some of the world’s most beautiful structures, parks, and attractions including the Willis Tower, the Chicago Riverwalk, and the Lincoln Park Conservatory. People who are considering the move to this exciting city often face the dilemma of whether to lease a vehicle or to purchase one directly. When making decision, it is important to consider the benefits and drawbacks of vehicle leasing and purchasing as they relate to life in and around the Chicago area. Independent factors such as the resident’s proximity to job facilities, amount of time that will be spent traveling, and current financial status should all be considered when making the decision to attain a vehicle.
Difference Between Car Leasing and Buying in Chicago
For those considering a new vehicle in Chicago, it is vital to understand the main differences between a vehicle purchase and a vehicle lease. When purchasing a vehicle, the perspective car owner is required to participate in credit checks and income verifications to receive a car loan from a banking institution. After finding a bank that is willing to lend to the perspective car owner, car salesman help customers to complete paperwork associated with the purchase. After the car owner acquires possession of the new vehicle, they must make monthly payments on the loan to keep the account current and avoid repossessions and late fees. Car leasing processes are similar to purchases with the exception of a few major details. When obtaining a car through the leasing process, it is important for shoppers to understand that they do not own the rights to the vehicle. Although this may be off-putting to potential lease holders, leasing provides many benefits.
Proximity to Job Facilities
Car shoppers seeking vehicles in Chicago should always consider the proximity of their jobs to their homes before making major decisions. Chicago residents who own vehicles typically have to deal with burdens like daily parking payments, repairs to vehicles which are often damaged on busy freeways and roads, and additional costs associated with new upgrades. Chicago residents who opt for a car lease gain freedom from these burdens. Leasing customers are able to have their vehicles repaired by the original factory with no additional cost to the driver. Leasing customers also enjoy the newest upgrades to their favorite car models at no additional rate. When a lease holder is interested in a new model of a vehicle, they can simply exchange a current vehicle for a new one.
Amount of Time Spent Traveling
Those who are interested in a new vehicle in Chicago should also consider the amount of time they will spend traveling over the course of the next several years. Car owners who travel frequently can rack up thousands of miles and cause the value of their car to decline drastically. People who choose to lease vehicles can select leasing options which take into account their expected travel rates. By including selected travel rates into leasing contracts, leasing companies allow drivers to save money and avoid becoming upside down on car loans through depreciated value.
Current Financial Status
Anyone interested in a new vehicle in Chicago should also consider their current financial status when deciding whether to lease or purchase a car. Because of the credit checks and employment verifications involved in the car purchasing process, those seeking to purchase a vehicle must generally be in an ideal financial condition. Alternatively, car leasing provides an opportunity for those with less than ideal credit to gain access to a quality vehicle. Leasing provides the perfect opportunity for those with shaky credit histories to build new credit relationships while driving a dream car.
Ultimately, the decision about whether to lease or purchase a new vehicle in the Chicago area is one that requires much thought and attention. While most people would generally be inclined to believe that car purchasing is automatically the most reasonable option, leasing has been shown to provide a vast array of benefits to consumers of all backgrounds. Car shoppers who have suffered financial set backs will find that car leases provide a sort of safety net for their families while they settle any debts. Car shoppers who have great credit but prefer to drive the latest model of their favorite vehicle will find that car leases provide an exciting way to drive a new vehicle on a consistent basis. Chicago residents, especially, will find that car leases help ease the financial burdens associated with fast-paced, city life. By choosing to enter into a vehicle lease contract, new Chicago residents can also gain the necessary benefit of driving a temporary new vehicle while adjusting to the demands of a new city.