Buying or leasing a Jaguar are two ways to give you the privilege of enjoying the sportiness of Jaguar cars. Which option you choose depends on your needs and finances. Let’s run through some of the pros and cons of both choices to help you decide whether to buy or lease your Jaguar.
Buying and leasing are both great ideas. However, both options might not be for everyone. For example, if you don’t have the finances to buy a new jaguar, leasing may be the way to go. On the other hand, if you drive often and have the money for it, buying will be your best option.
Buying or leasing: which is better?
If you’re confused about whether to buy or lease a Jaguar, the best option is to see the benefits of both choices. Buying comes with its benefits, as well as leasing. But at the end of the day, it all boils down to what works for you best.
Benefits of leasing a Jaguar
Leasing entails an individual opting to use a Jaguar for a given period. After which, the vehicle is returned to the leasing company. About 45 to 50 percent of Jaguars are leased in places like the US. Go to bigger cities like LA and even New York; you will be surprised at the statistics.
Let’s take a look at why the leasing numbers are so high.
Lower payment plans
Whether you’re making a monthly or down payment, the payment plan is always smaller than a car loan payment would probably be. The reason is, you’re not paying for the entire cost of the vehicle. The amount you pay is usually the difference between the original cost of the car and the depreciation.
For example, if the car costs $60,000 and at the end of the lease period it depreciates to $40,000, you will only pay a total of $20,000 over the lease period. Leasing low payment plans also allow you to drive a car above your price range. Normally, you wouldn’t be able to afford an $80,000 Jaguar, but here you are driving around with it
Trying out new cars every couple years
Another sweet benefit of leasing a Jaguar is that you have the chance to drive new models every two to three years. Newer models always come with the latest technology and sometimes refined exterior and interior designs.
After a lease period has elapsed, you can center your next lease on the latest model instead of holding on to an old Jaguar model. Unlike buying, where when you acquire a car, you get stuck with it until you decide to sell it.
Zero worries about depreciation
Most purchased cars will usually depreciate after some time. However, when you lease, you don’t have to worry about losing out on depreciation. You use the car according to the lease agreement and return it afterwards. Reselling isn’t something you even have to think about.
Routine maintenance is usually included in a lease warranty. Here, maintenance will be carried out at an authorized Jaguar service center. As long you don’t go above the agreed mileage, you won’t have to pay to get the car serviced. Normally, getting repairs on a luxury Jaguar you own can be tough on your pocket–a good reason why leasing can be desirable.
Lease end alternatives
If, at the end of the lease period, you want another model, you can have it. You only need to pay any outstanding fee at the dealership and go with another model. Better still, you can decide to purchase the car whose lease agreement just ended.
Benefits of buying a Jaguar
Buying entails an individual purchasing a car to own. Just like leasing, many car driver elect to buy their cars outright. Here are some of the reasons why buying a Jaguar is also a popular choice.
Variety of Jaguar choices
Most Jaguar dealers will have a variety of cars you can select from, whether old or new. Unlike leasing, where there is a restriction to the number of cars, a dealer can lease. Most Jaguar leasing firms do not lease used or pre-owned cars.
Financing a new car is a straightforward process. And you have options to change your financing plans. Here, you can refinance a loan for a lower interest rate or bring down your monthly payment as you go. In other words, if your monthly payment is $3000, you can bring it down to $1,500, via refinancing.
When you buy a Jaguar, you own it. You’re free to use it as you want. Here you can customize or modify it however you want. Additionally, you don’t have to worry about paying for wear or tear incurred as you drive. Importantly, you can sell it off anytime you like.
No restrictions on mileage
Most leases come with mileage restriction. Ask your local Jaguar center for mileage restrictions on your lease agreement. However, when you buy a Jaguar, you don’t need to worry about how many miles you cover yearly.
For leasing, once you go beyond the required mileage, you will need to pay a certain fine. So if you’re a regular commuter and you won’t be able to keep to the mileage agreement, buying will be a better option.
Save money in the long run
While it is expensive to buy a new car, after paying off the loan, it becomes less expensive to own the longer you have it. Liken it to renting a home vs buying a home. Once you’ve paid off your mortgage, your monthly bills will be considerably lower.
Major differences between leasing and buying a Jaguar
|There are mileage restrictions.
|No mileage restrictions
|You get to return the car at the end of a lease period (though you can decide to buy it).
|The car fully belongs to you so that you can keep it forever.
|Cheaper to lease and maintain
|More expensive to buy and maintain
|You pay for excessive wear and tear
|Repairs are done at your pace
|Getting the latest Jaguar models is cheaper
|Getting the latest Jaguar models is expensive since you will have to buy a brand new car
|Customization and modification is unthinkable
|You can modify and customize the car to your taste
|No hassle on how to sell
|Depreciation will hit your car so hard that you may lose out
I am a regular commuter; should I buy or lease a Jaguar?
If you drive regularly, buying a Jaguar will be the best option. Here, you won’t have to worry about wear, tear, or exceeding a particular mileage. Unlike leasing, you will need to pay a penalty fine if you exceed the mileage or incur too much wear on the car.
If I want the latest technology, should I buy or lease?
Leasing is better. New Jaguars come out almost every year. However, if you choose to buy one with the latest tech, it might be an expensive option, and your garage will look like you’re selling cars. However, when you lease, you have the opportunity of getting behind the wheels of a new model without spending much.
Which Jaguar is the best Jaguar model to lease or buy?
The best Jaguar to buy or lease depends on your plans for the car. If you’re using it for work purposes, the Jaguar XF is a great option. If you use it to drive a lot pf people or gear around, any of the Jaguar SUVs would be a good choice as they can carry a large number of people.