Buying vs. Leasing A Volvo in Barrington IL

Buying vs. Leasing a Volvo in Barrington, IL

Understanding the differences between buying and leasing helps Barrington drivers make informed decisions based on lifestyle, driving habits, and financial goals.

At McGrath Volvo Cars Barrington, we guide drivers from Inverness to Lake Zurich through the pros and cons of each option, ensuring you choose the approach that aligns with your needs — whether you plan to keep your Volvo long-term or prefer upgrading more often.

Buying a Volvo

Ownership

Buying means the vehicle is yours. Whether you pay in full or finance through a lender, once you’ve completed your payments, the Volvo is entirely yours to keep, sell, or trade.

Most buyers finance through a dealership, bank, or credit union, spreading payments over three to six years. Lenders review your credit and income to determine your loan terms and rate. Once your contract is complete, you own your Volvo outright.

Upfront Costs

Financing often requires a down payment — typically between 10% and 20% of the vehicle’s price. You may also trade in your current vehicle to reduce this amount and lower monthly payments.

Long-Term Value

Purchased vehicles build equity over time. While every car depreciates, consistent maintenance helps preserve value and makes it easier to trade or sell later. Our Volvo Service Center in Barrington can help maintain that value through certified care and regular maintenance.

End of Payments

Once your loan is paid off, your Volvo is completely yours — no restrictions, mileage limits, or return conditions. You’ll receive a lien release from your lender confirming ownership.

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Leasing a Volvo

Ownership

When you lease, you’re paying to drive a new Volvo for a set period — usually 24 to 36 months. The leasing company retains ownership, but you enjoy the latest models, features, and technology during your lease term.

Leasing also provides protection against unpredictable depreciation. For instance, if market conditions change or a model’s value shifts, you simply return the vehicle at lease end without worrying about resale value.

Upfront Costs

Lease agreements generally require less money upfront. You’ll typically pay the first month’s payment, an acquisition fee, and applicable taxes. Some lessees add an optional down payment to lower monthly costs.

Flexibility and Lifestyle Fit

Lease terms appeal to those who prefer driving newer models more often. Many Volvo drivers in Barrington and Deer Park enjoy upgrading every few years for access to new designs and evolving technology like advanced safety systems and connected infotainment.

Mileage and condition guidelines apply — typically 12,000 to 15,000 miles per year — but with proper planning, leasing can provide flexibility and predictable costs.

End of Term Options

At the end of your lease, you can return your Volvo, trade it for a new one, or choose to purchase it outright. Our finance team can explain each option clearly to help you make a smooth transition to your next vehicle.

Buying vs. Leasing: Which Option Fits You?

Choosing between buying and leasing depends on your driving habits, commute, and long-term goals. If you drive frequently or plan to keep your vehicle for several years, buying may be ideal. If you prefer lower monthly payments and driving newer models, leasing could be the smarter fit.

The finance specialists at McGrath Volvo Cars Barrington can help you evaluate both options and customize terms that fit your lifestyle. Visit our showroom near North Hough Street or contact us online to discuss your next Volvo vehicle.