Guide to Leasing a New Cadillac | Edinburg, TX
Are you thinking of leasing a new Cadillac in Edinburg, Texas, but aren’t quite sure what you are signing up for? You are in good company. More and more drivers are choosing to lease, rather than buy, their Cadillac sedan, coupe, or SUV from Bert Ogden Cadillac for the very first time. This guide serves as a starting point on your journey to leasing your very first Cadillac at Bert Ogden Cadillac in Edinburg, Texas.
Leasing 101
Much like renting a home instead of buying it, leasing a vehicle buys you a certain amount of time and miles in a vehicle, but you never actually own the vehicle. Instead, you agree on a set amount of years that you will drive a new vehicle. At the end of the lease (usually anywhere from three to five years), you will bring the Cadillac model back to Bert Ogden Cadillac and drop it off. You can then sign a new lease agreement and drive off in a brand-new vehicle or choose to purchase the Cadillac vehicle you’ve been leasing.
Why You Might Want to Lease
Leasing a vehicle has numerous benefits. For starters, you pay less because you are not financing the entire vehicle. Instead, you are only paying for the difference between the value of the Cadillac brand new and the value it is estimated to be at the end of the contract. That means you can make a lower down payment and lower monthly payments. Insurance premiums tend to be cheaper, and maintenance is often free during the leasing period.
Another benefit of leasing: You will be able to get a new car every few years. That means you will always have access to the latest safety technology, connectivity features, and exterior and interior styles.
The only downsides? You won’t be able to sell the vehicle at the end of the lease, and there are mileage restrictions that you must meet to avoid paying extra.
What to Know as a First-Time Lessee
If this is your first time leasing a Cadillac SUV or car in Edinburg, Texas, refer to this list so you know the ins and outs before signing on the dotted line:
- Don’t put too much down. The beauty of leases is that you can put down a small down payment (or sometimes no down payment at all). Of course, a higher down payment will result in lower monthly payments, but if the vehicle is totaled out or stolen early in your lease agreement, you are still on the hook for the whole price. Insurance will pay what you still owe, but you will not be reimbursed for your down payment. That’s why experts recommend putting down no more than $2,000.
- Make sure you have the proper insurance coverage. GAP insurance is typically required for a lease. Check with your dealer and lender to see if you need to carry GAP insurance.
- Watch those miles. You can negotiate the number of annual miles you’re permitted to drive during negotiations. Just don’t exceed the overall limit before the end of your lease term, or you will owe a set amount for every mile over the cap.
- Consider buying the vehicle if you love it. When your lease is up, you have the option to buy the vehicle for the remainder of the sticker price. You can often negotiate with your salesperson to try to get a good deal. Or you can simply turn over the keys and find your next set of wheels.
- Stay on top of routine maintenance. Regular maintenance is crucial — and often free or more affordable when leasing. Failure to stay on top of routine maintenance could result in massive fees. Likewise, keep the vehicle looking nice; general wear and tear are to be expected, but anything excessive will result in additional fees.
Learn more about leasing a new Cadillac model at Bert Ogden Cadillac in Edinburg, Texas.