Close Buy vs Lease near Chicago, IL
Have you recently begun searching more seriously for your next vehicle? If so, then there’s a good chance that you’ve come across the question of whether you should opt for financing or leasing. We at McGrath Kia of Highland Park would be glad to help you come to a decision on the matter, so read through the points below to learn some of our basic tips!
Financing
When you choose to finance a vehicle, you’ll be getting full ownership of it until you choose to move on from it on your own terms. Depending on the down payment that you provide initially, you’ll have to make monthly installments going forward until the car is completely paid off, but there won’t be any limitations on how much you can drive it. So, the freedom that comes with financing is certainly one of its most enticing elements, and it can be done with both new and pre-owned vehicles. That opens the door to an even wider variety of options, so you’ll have to take into account even more models to find your ideal pick
Leasing
Unlike with financing, only new cars can be leased. However, there is a significant advantage to the latter option, and that’s the way depreciation works with a lease. When you sign up for a leasing contract, our Finance Department team will work with you to establish a set length of time for which the agreement will last. Typically, this will be two to four years, and during this time, you’ll only be able to drive the vehicle for a predetermined mileage limit. In exchange, you’ll only be required to pay for the depreciation of the vehicle, so it’s a significantly cheaper option when compared to financing. While you won’t have full ownership and the unrestricted ability to drive the car as much as you like around the Chicago area, the monthly payment will also be far less harsh on your finances.
Which is Right For You?
To figure out if you should finance or lease your next car, you should start by taking into account what your daily travels tend to look like. If you only ever commute to work with the occasional trip to 31st Street Beach, then the mileage limit associated with leasing won’t be much of an impediment to you. That said, if you’re frequently visiting many destinations and even partake in a few road trips throughout the year, then you’re going to want that freedom that comes with financing and fully owning your vehicle. One of our sales team members will be more than happy to help you figure out which option is best for your lifestyle, so call us at your earliest convenience!
How Long Does a Car Lease Last?
- Most leases last for two to four years.
Dealership Information
Testimonials
“ Dan was down to earth, knowledgeable and understanding of my needs. I felt that he knew a great deal of the mechanical aspects having worked in the service department previously. ”
“ Daniel and the entire team at Kia of Highland Park were amazing. The coordination and cooperation between all the parties was really smooth. The General Manager of the dealership Jason Press was totally invested in the process and made sure his team was focused on delivering a flawless customer experience. My experience was great and I was in and out of the dealership with my new vehicle in just a few hours. The best vehicle leasing experience i have had in a long time!!! Thanks!! ”
“ Danny at McGrath Kia of Highland Park is amazing!! 10/10 service, expertise and care. Went above and beyond! ”
“ Great experience! We were able to get the model/trim we were looking for and everything was handled smoothly and professionally. Danny was very friendly and patient! Would definitely recommend ”
“ This is our second Kia, both from Charlie. Highly recommended!!! Charlie is very knowledgeable about what he is doing, professional and friendly ”
“ Jared was awesome! overall great experience ”
“ Danny C was awesome. Very knowledgeable and what he didn't he found out very quickly. ”
“ Kia McGrath made the car buying process stress free and easy. They worked diligently with us to make a deal work within our budget and went above and beyond to see it through to the finish line. Working with Danny was great and I highly recommend stopping by and asking for him when looking at a new or pre owned vehicle. It was a great experience working with the McGrath team and we are so happy with our new Telluride! ”
“ Wayne Ricks was amazing to work with. He made the whole buying process smooth and easy, and provided great knowledge and guidance around the different options of the car we were looking for. He was extremely helpful in walking us through the different payment options. I would recommend Wayne to anyone looking for a car. ”
“ Staff was efficient, friendly and helpful. No more pressure for extras than reasonable ”
“ I had a great experience at McGrath Kia of Highland Park since the first contact with my husband until the final deal. I highly recommend! ”
“ Danny was absolutely the best. Got us in and out without all the Bs of going back and forth with numbers..Highly recommend seeking out Danny for all your helps and needs . ”
“ Don’t walk, run and see Danny.. Hassle free and very knowledgeable.. Thank you Danny for helping us get our 1st car. ”
“ I just leased my second Kia from McGrath Kia of Highland Park and had another great experience. I walked in and, two hours later, walked out with a new Sportage that fit perfectly within my budget. Huge thanks to Pejman, my salesperson, and Paul in finance for making the whole process feel easy and straightforward. They worked hard to put a deal together that made sense for me, and I really appreciated their transparency and efficiency. Grateful to have a dealership I can trust. I’ll definitely be back again. ”
“ Very nice experience at McGrath Kia in Highland Park. Everyone was very nice and there was never any pressure put on me to purchase the vehicle. Highly recommended!! ”
“ I’ve been eyeing the Kia Carnival Hybrid for a while now. With one child already and a second on the way, I definitely need a larger vehicle. I came across Charlie’s post on social media and reached out to him. He was incredibly patient, answering all my questions about specs and financing. I decided to meet him the next day to discuss things in person and take the car for a test drive."As we spoke, I realized he is a genuinely great person—polite and incredibly patient. He walked me through all the features and explained exactly how everything worked. I felt I could truly trust him, so I let him handle the process. He offered a price I simply couldn't refuse, and the interest rate was well within my budget. I highly recommend that everyone go to Charlie for their next car. Thank you for the excellent service today!" ”
“ Jason Press, Pejman, Pawel, everyone at McGrath Kia is fantastic. You cant go wrong at this spot. New, used, trade ins, service - all fantastic!!!! ”
Pejman and the entire team was fantastic to work with.
“ Pejman and the entire team was fantastic to work with. Jason Press runs a fantastic shop and I couldn't be happier with my new car! ”
“ It was the most pleasant experience with Pejman , just nice and easy, he answered all the questions and I never felt pushed , I will wholeheartedly recommend to get a car from him !! ”
“ Mack was an incredibly attentive salesman & he never left me questioning what was happening in the process. He’s a wonderful salesman that I will absolutely refer friends & family to. ”
“ Had a great experience working with Pejman, he did a fantastic job helping me find the car I wanted and following up with some requests after the car was purchased. Really nice salesman, and very helpful. ”
“ Nicolas Vazquez worked to find the right car for us and get it to us in a short time frame. He was available via text when we left to work things out and matched a deal from competitor. Showed me the whole facility so it's easy when I come back for service. Clean showroom. A little small now but it's getting an addition of both showroom and service space. Friendly, easy to work with. I filled out my credit application before going in, which shortened the transaction process but I was still there 2 hours. Lots of time spent with finance person offering packages we frankly didn't want. She was friendly throughout. I'm excited about the new car-- it's super safe and fun to drive. Good experience all around. ”
“ Great dealership. Great people. Highly recommend. ”
“ We chose McGrath because they had the used vehicle we were interested. Nicolas was our salesperson that greeted us. He was professional, knowledgeable and a joy to work with without a lot of high pressure tactics. ”
“ My partner and I had a great experience buying our new kia k4. Jared was great explaining all the extras and giving his own opinion on them, trying to ensure we stayed within our budget. Paul was also very helpful explaining the warranty when we were meeting with the finance department. Shoutout also to Tracy for speaking with my partner on the phone yesterday and helping him out. I'm sure that we will love our new kia and I'm grateful to the staff for being patient with our little guy. ”
“ Highland park Kia is a legit place to go. I had a great experience, i unfortunately had a transmission issue and got towed to world Kia Joliet. I picked up my car from world Kia Joliet when they told me it was repaired. When I picked up the car from world Kia Joliet, the car was making noises so I took it to highland park Kia. Highland park Kia, showed me the faulty work that world Kia Joliet did and sent me a video on the issues. This was very helpful and helped me out. In my experience, McGrath Kia of Highland Park is a business of integrity, and puts their customers first. I would recommend McGrath to anyone for their service needs. ”
“ Walked in and was met by Casey. The whole experience was great. He helped us find exactly what we wanted and was very professional. ”