When you've finally found the Audi car or SUV that best fits your needs and preferences, the next step is to select your payment methods, of which there are three to choose: financing, leasing, or paying cash. The latter of these is the least common and self-explanatory; so, here we'll provide a quick overview of the key distinctions between leases and loans to help you decide which is right for you.

In short, the primary difference between a lease and a loan is ownership. When you finance a vehicle, you pay down the balance every month and own the title outright after the final payment. With a lease, you are essentially paying to use the vehicle for the duration of a contract, after which you have a few options. There are also a few attributes to leasing that many Dedham drivers may find preferable compared to taking a loan.

Leasing vs. Financing a New Audi

One primary reason drivers have for leasing a new Audi is that, with a lease, you'll typically spend less over the same time span. Lease payments are generally lower than loan installments, and since Massachusetts sales tax is charged on the monthly payments instead of the whole vehicle, you'll pay less there as well. Additionally, with lease terms being fixed at (normally) two or three years, you're not bound to the vehicle long-term and can thus enjoy the latest features and technologies more often. And finally, leased vehicles are always covered under warranty, and lessees aren't responsible for unexpected depreciation.

There are a few restrictions with leasing to keep in mind, like mileage limits and prohibiting modifications. Furthermore, lessees are responsible for excess damage beyond "normal wear and tear. However, there are additional coverage options you can select at the beginning of the lease to mitigate any unforeseen costs. At the end of the lease, you can move up to the newest model, try a different nameplate, or if you want to keep the vehicle, you can convert the lease to a loan.

A loan, on the other hand, does require a longer commitment, and the monthly payments are typically higher. You also have to pay tax on the full vehicle price, which, in Massachusetts, is due by the 20th day of the month following the purchase. However, since you're paying into principal, you will own the title outright at the end. Additionally, you may customize the vehicle to your liking and sell it at any time, and there are no yearly mileage limits.

Test-drive a new Audi near Norwood and Braintree, MA

For more information about the latest Audi models and their available trim levels, options, and Audi lease deals, please reach out to Audi Westwood at your convenience. And if you'd like to get behind the wheel to explore the amenities and accommodations for yourself, we welcome you to visit us here in Westwood for a test drive. We'll be happy to assist you.

Categories: Finance, New Inventory