Lease? Or buy? These are the options for Coralville drivers. It's always a tough question for auto owners, but here is some info that'll help you make an informed decision.
If you buy, you'll pay the full cost of the vehicle, maybe an initial down payment, monthly payments on the balance that pays down the loan principal, and the finance charge.
Coralville drivers who lease finance the portion of the cost of the vehicle that's used up during the term of the lease. You'll pay some money up front: fees, security deposit, first month's payment and maybe a capital reduction. The monthly payments include a depreciation cost and a finance charge. When the lease is up, you return the vehicle to your local Coralville area dealership.
So how do Coralville drivers decide?
First, how much do you have for a down payment? A lease usually requires a smaller down payment.
How much monthly payment can you afford? Again, lease payments will be much lower for any given down payment.
A lease needs requires better credit, so that's a factor.
How long will you keep the vehicle? Coralville drivers who keep their vehicles around for a while will pay less if they buy. But just two or three years? Then leasing is the way to go.
If your car might suffer a ding or two, like a work truck would, then buying's better. The auto leasing company will want their vehicle back at the lease end in tip top shape, and if repairs are needed, you'll pay.
How far do you drive in and around the Coralville area? Important to consider because leases have a mileage limit; if you go over, you pay a hefty charge per mile/kilometer when the lease is up. So high mileage IA drivers should definitely buy.
Will the car be used in your business? Check with your accountant, but both financing options have different tax benefits, depending on your circumstances.
Over the short term, leasing is much cheaper. Medium term, leasing and buying costs are about the same. Over the long haul, leasing always costs more.
Leases may sound a bit complicated, and the typical lease decision weighs more on the monthly payment rather than price. So sometimes Coralville leasers may pay on a higher purchase price than a buyer would.
Here is a tip: If the salesman asks if you'll be leasing or buying, say you're not sure yet. Make your best deal, then look at your financing options.
Here's another: With a buy or a lease, if you total the vehicle, you'll owe the full amount of the loan, or the balance of the lease payments. Usually, it's less than the vehicle's fair market value, and that's all your IA auto insurance company will pay. But ask your Coralville agent about gap insurance, which pays the difference between fair market value and what you owe. Big consideration for a lease.
Remember, you have to return your leased vehicle in excellent condition and may need to do all the vehicle manufacturer's recommended service and maintenance or face penalties. So see your local advisor at your Coralville auto repair shop or Off Campus Auto Repair on a regular basis, get the required work done and save the service records. It's well worth it.
I had very prompt and very efficient flat repair service from a very friendly service person (Harold). He arrived at our house and was very pleasant and helpful. He spoke highly of and enjoyed working at Off Campus which says a lot for the management.
-Dave Reynolds - Iowa City
Harold arrived quickly and gave me several options for my battery problems. Was nice and replaced my battery right where i was stranded. 10/10 Service, I highly recommend.
-Jared - Iowa City
We were camping at Sleepy Hollow Campground off of I-80 and when closing up the trailer discovered one of the tires was flat. My husband did not have the needed tools to change the tire. On went on the internet and found Offcampus Auto Repair/Campus Towing. Everyone was great, from Jessica on the phone who explained things in detail to Harold who was the tow truck operator. People like these are a true blessing for folks out on the road away from home. Harold is a true road angel. Thanks ever so much!
-Joel & Lu Ann Balch - Rockford, Illinois
I just had a great AAA service call from Harold. I needed a replacement battery and he got it taken care of quickly! You can't go wrong with this company!
-Kathyl Jogerst - Coralville Iowa
I had an old dead battery that would not keep charge. After calling AAA, I received a call back from the tow and roadside assistance service within minutes. The woman I spoke with was very pleasant and efficient. After 15min, Harold came out to where I was on the far East side of the Iowa City limit. Harold was a pleasure to meet and work with. He assessed the battery, explained the battery health report well and I decided to have him replace it then and there. Everything went well. The whole process was quick, efficient, professional, and pleasant. For any future similar car troubles, I will definitely be calling them again.
-Robert Marini - Iowa City, IA
Harold was super friendly and very professional. He was efficient and he did a great job too!
-Courtney - Iowa
Very happy with service.
Friendly, reliable, competitive rates.
Great customer service! Always excellent service!
Best Auto Repair in the Area!
We remain fans of this comprehensive auto repair business. Feel blessed to have found them!
-Daleine & Jack C.
I took my '88 mercury ford cougar into them to get my transmission fluid & transmission filter changed. They where informational about if something was already wrong with the transmission, then the work that they were going to do could make it worse.
They let me drive a nice loaner car for free, without having to fill out any paperwork, for as long as my car was in the shop.
On the bill, they had recommend work that needed to be done at some point, that included the price of each job.
They didn't push for the most expensive thing to be done first, they actually recommend the 2 cheapest things be done first, which was the back break light, so that I don't get pulled over by the cops, & the serpentine belt, so it wouldn't end up breaking in me.
I highly recommend them to everyone with car problems & I plan on getting all recommend car work done there.
Office staff was courteous and knowledgeable. I would definitely recommend their services to my friends. Thanks for repairing my vehicle and making it sound like a new vehicle.
-Matt M. - Iowa City
Traveling from Rapid City to Indianapolis my dashboard lit up like a Christmas tree. I want to thank Off Campus Auto Repair for fitting us in and getting us back on the road quickly. Their honesty and thorough explanation was greatly appreciated.
-Carson S. - Rapid City, SD
I had the pleasure of meeting Harold today who was very kind, personable, and knowledgable. He was a delightful man who replaced my battery very quickly, while we shared various personal stories in the process. Could not have asked for better service.
-Robby B. - Iowa City, IA
Our vehicle blew a spark plug in Iowa City on a Sunday. Being 7 hours from our home in Ohio, off campus not only provided quick and professional towing for our vehicle, their staff also provided a loaner car for us to get food, lodging and a rental. Since we had to return to Ohio prior to repairs, the off-campus staff was thorough in keeping us informed on the status of repairs, as well as providing an exact cost estimate along the way. In a world of sketchy dealerships and repair shops, I was completely blown away by the service provided by the off campus technicians. I would like to thank James, Keith and the entire off campus crew for taking great care of both my vehicle and family during this ordeal, and would encourage anyone reading this post to use off campus if you need a tow or vehicle repair while in the Iowa City/Cedar Rapids area.
-Ryan D. - Beavercreek, Ohio
-Bill - Coralville Iowa 5224
I had an accident returning to MI. Off Campus Towing picked up my van and they were very nice to even take me to a hotel, and that was only the beginning of their over the top helpfulness. The accident was on 9-10-15. They were very helpful in getting the insurance company to appraise the van Then Off Campus Repair took over. They put the Van back to together with excellent workmanship. Everyone of the employees were over the top helpful. Beautiful facility and they know their craft. I highly recommend Off Campus Towing and Repair. Thanks!
-Bill and Margo M. - Fenton MI 48430
My A/C seized between Nebraska and Pennsylvania. They were able to work me in and get me back on the road quickly. Complete professionals, courteous and would even recommend Off Campus Repair to Grandma!
Off Campus keeps us safely rolling year after year. Efficient, knowledgeable, HONEST professionals - so happy we found them when we arrived in the area.These guys have ALWAYS given us the best value for our money.
Outstanding service and polite employees. You can trust this business completely!