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If you're ready to lease a new car from Lyon-Waugh Auto Group, you may have some questions. Most drivers who sign a car lease at one of our dealerships are concerned about the terms used when talking about leases and what they mean. Fortunately, we can answer any questions that you have about how leases work and we'll tell you what common lease terminology actually means in simple terms. Common Lease Terms Lessor: This is the party leasing the vehicle to you, the lessee. The lessor is usually the car dealership. Closed-End Lease: This refers to a lease where you do not have to pay the difference between the actual value of the car at the end of your lease and the predicted “residual value.” We'll get to that in a second. Residual Value: This is how much the lessor believes the vehicle will be worth at the end of your lease agreement. New cars naturally decline in value over time, so this calculation takes that depreciation into account. Mileage Allowance: Since you don't own the leased vehicle, there are often limits built into your agreement. One common one is a limit on how many miles you can drive. Going over can mean extra fees. Security Deposit: You put this down right at the beginning of your lease term. If you default on your lease agreement, you do not get this money back. Disposition Fee: This fee baked into your contract covers the costs associated with selling your vehicle at the end of your lease term. Order Yours Today! Now that you know more about car leases, visit our new car dealers in New England and find the right vehicle for you. Whether you're looking for a luxurious sedan or the ideal family car, we're ready to assist you!

If you're getting ready to pick out a new car, you have a few options that will allow you to get behind the wheel. If you choose to take out a car loan, you need to make sure that it's the right kind of arrangement for you. Fortunately, the experts here at Lyon-Waugh Auto Group can answer any financing questions that you have and help you figure out if a loan is right for you. Think About Your Budget The most obvious thing to consider here is your budget. Will that monthly car payment end up overextending you financially? If so, then it's definitely not the car loan for you. Also, remember that there's more than that monthly car payment to consider. There are insurance premiums, fuel costs, and maintenance to think about. Consider all of these costs and the rest of your budget when deciding whether or not a car loan is good for you. Consider Paying More Upfront If the types of loans you're getting don't seem to work for your budget, think about placing a bigger down payment. Generally, drivers put down 20% when they buy a new vehicle, and then finance the rest. If you make a larger down payment, there's less to finance and a smaller loan for you to take out. This means lower monthly payments and less interest paid out over the course of your loan term, so making a bigger down payment than normal is certainly something to consider. Make Sure Financing is Right for You Also, make sure that getting a car loan is the right option for you overall. A car lease payment is often less expensive each month, and leasing could be a better arrangement for you depending on your driving habits and needs. When you come to one of our car dealerships near Greater Boston, we'll help you carefully weigh all of the options carefully. Talk to our financing experts today and get ready to get behind the wheel of a new luxury car!

Going on the hunt for your next premium luxury car is always a thrill. But what you don’t want is to get overwhelmed or stuck in your decision-making process. By figuring out whether signing a car lease or taking out a loan to purchase a car is right for you, our experts at Lyon-Waugh Auto Group will be able to help you with either process. When to Lease A popular option for luxury motorists, leasing means you actually don’t have to pay the full price of the car to drive it off of our lot. Instead, you’ll make payments based on the depreciation of the car over time. As a result, your monthly payments and down payment won’t be as high as your loan payments would be. However, you still get all of the best technology, most advanced performance, and most up-to-date styling available for the road. And while you’ll be subject to mileage caps, they tend to set around the average mileage people drive each year anyway. When to Buy Buying will be the option for you if your plan is to own the car outright and build equity in it. Even though your payments will be higher than they would be if you leased the car, you won’t have to make payments towards the cost of the car once you pay the loan off in full. Making a purchase also gives you the freedom to put as many miles on your luxury car without thinking about fees tacked on for breaking a mileage cap. You can also make modifications to your car when you buy it as well – and of course, you’ll be able to sell your car later on. Visit our New England luxury car dealerships today to learn more about the benefits of buying and leasing and to figure out which option is right for you.

If you’ve never explored the idea of leasing a vehicle, you may be wondering what your options are, including whether or not you can get a used car lease. Luckily, our team at Lyon-Waugh Auto Group is here to bring you up to speed when it comes to your financing options, including your options for leasing a used car. What is Leasing? Leasing a luxury car is an alternative option to taking out a loan to purchase a vehicle. Rather than being responsible for paying back the full price of the car, you’ll pay monthly installments based on the estimated depreciation of the vehicle over the course of the lease, which is typically about 36 months. Leasing lets you enjoy all of the features that come with your vehicle while making lower payments than you would if you made a purchase. Can I Lease a Used Car? Many car shoppers make the mistake of thinking they can only lease new cars. In reality, leasing used cars is always an option – and it’s a great option. Since used cars depreciate at a slower rate than new cars, you can expect lower payments on a used car lease compared to a new car lease. Best Used Cars to Lease When you explore our inventory of Certified Pre-Owned luxury cars, you’ll discover a great selection of vehicles with low mileage that are available to lease. Want to enjoy a thrilling luxury sports coupe experience? Then consider leasing a pre-owned BMW 2 Series. Or if a genuine luxury SUV experience is more your style, then look into leasing a pre-owned Land Rover Discovery. Visit one of our New England luxury car dealership locations today to find the perfect used car lease for you!