Buying vs. Leasing in East Hanover, NJ

Should I Buy Or Lease?

Choose the finance option that fits you at Prestige Volvo.

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Prestige Volvo loves helping East Hanover car shoppers secure the best financing option.

At Prestige Volvo, we know that no two of our customers are the same. So if you're someone from East Hanover, Morristown or Montclair, and are wondering what the right financing solution is for you, join us below as we lay out the key differences between leasing and loans. We can't make your decision for you, but we can certainly make sure you have the knowledge you need to make the right decision. Read more below and if you find yourself with any pressing questions, reach out and we will be happy to help!

Lease or Buy Comparison



If you like to change things up every few years, or if you're looking to lower your monthly payment, leasing with Volvo Car Financial Services (VCFS) may be the option for you. Drive a new luxury Volvo SUV, sedan or wagon for a set amount of time and number of miles, and return it to Prestige Volvo Cars East Hanover in [Dealership location] at the end of your term. With a variety of lease options, you can choose the term and mileage that best fits your lifestyle and payment needs.


If you can't wait to make a luxury Volvo sedan, SUV or wagon your own – customize it however you wish, and drive it to the ends of the earth, then financing with Volvo Car Financial Services (VCFS) is the way to go. Financing your vehicle allows you to make payments for a selected term, and at the end of that term, the car is yours. That means total ownership and maybe even equity.



When you lease a vehicle, you do not own it. You pay to use it during the term of your lease, allowing you to drive the latest luxury Volvo models.


You own the vehicle outright after your financial obligations are met, and you can sell your vehicle or trade it in at any time.



Since you pay for the vehicle's depreciation, plus applicable taxes and fees instead of the purchase price, you can drive a luxury Volvo vehicle for less than you might with financing over a similar term.


Payments are based on the terms of your financing contract. You will have a set number of payments, each of which may help you build equity in your vehicle. Because you're paying for the vehicle's full price over the term of your contract, your monthly payment will typically be higher than if you were leasing the same vehicle over a similar term. You can opt to pay your balance off faster by paying more against the principal.



Prestige Volvo offers a variety of mileage options for you to choose from to meet your driving needs. Whatever you choose as your base mileage option, you'll retain the opportunity to purchase more miles later on.


You may drive as many miles as you want in New Jersey. However, if you decide to sell or trade-in your luxury vehicle, the mileage may impact its value.

Wear & Use


Most leases charge you for any damages made to the vehicle. Cracks, cuts, tears or stains that are more than 1/2 inch may be considered excess wear and tear.


Since the Volvo will be yours once you pay off your contract, there are no charges for excessive vehicle wear and use. If you decide to sell or trade-in your Volvo, excessive wear and use may impact its value.



At the end of the lease, you have the flexibility to return your leased vehicle to Prestige Volvo, purchase it for a predetermined price, or buy or lease a new Volvo SUV, car or wagon.


If you’re the type who needs to put your own personal stamp on your vehicle with cosmetic alterations, then buying might be your best route.

I Want To Lease

The flexibility and lower payments of leasing fit many East Hanover, Livingston and Morristown area Volvo shoppers. Check out our current lease offers to see various leasing specials, or contact a member of the Prestige Volvo team and we can price out lease payments specifically for your needs.

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I Want To Buy

Ready to buy a new luxury Volvo from our New Jersey Dealership? Start shopping our extensive new Volvo sedan, SUV and wagon inventory.

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Still not sure if you should lease or finance your next luxury vehicle?

Our team of finance experts at Prestige Volvo has been assisting drivers in Morris County to decide whether leasing or financing a new Volvo SUV, car or wagon is the best option, and we will do the same for you. Luxury car shoppers from East Hanover, Parsippany-Troy Hills and West Orange can shop with confidence knowing that our team will lay out all possible finance and lease scenarios so you can make an educated and informed purchasing decision. Call or visit our East Hanover car dealership to speak with a member of our team.

At Prestige Volvo Cars East Hanover, the entire experience is built around you...

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"Hands down this was the easiest experience I’ve ever had leasing a car."

Jill H. | Google Review