In Illinois, the practice of acquiring vehicular transportation through a contractual agreement, rather than outright purchase, allows individuals and businesses to utilize a vehicle for a specified duration in exchange for periodic payments. This arrangement provides access to a vehicle without the long-term financial commitment of ownership.
This method of vehicle acquisition offers several potential advantages, including lower initial costs, predictable monthly expenses, and the opportunity to drive a newer model vehicle more frequently. Historically, it has proven to be a popular option for those prioritizing access to transportation over asset accumulation and who value flexibility in their vehicular needs. This approach can also provide certain tax benefits for businesses.