Should I Buy or Lease?

Woman shaking mans hand over a car contract clipboard with car keys
 

You are in the market for a new vehicle. You may not know whether buying or leasing is the option that is best suited to your needs. One of the most common questions asked of our financing team at Scott Evans Chrysler Dodge Jeep Ram is “should I buy or lease?” Here, we lay out the basics of each option so you can decide for yourself. 

Each option is a solid choice, but one may be better for you than another. You should keep these points in mind when you come in to Scott Evans Chrysler Dodge Jeep Ram from Coweta County or Villa Rica, so we can discuss together. 

 

 

Long and Short-Term Costs of Leasing vs. Buying

  • Leasing provides lower monthly payments from the start. Taxes and down payments are also lower than if you are financing. Starting a new lease every few years won’t change your payments very much, and you won’t have to worry about increasing service fees or repair costs. 
  • With financing you will have the opportunity to completely eliminate your monthly payment. Oftentimes, buying used is more affordable than leasing new. When a driver pays off their financed vehicle they will pay less than a driver that continuously leases, but the repair costs will typically increase over time. 

Ultimately, most drivers will have their vehicles on average for three years, many of us want to have the latest features. If you have these goals in common you may find leasing to be your preferred option. If you are certain about full ownership then you can get in contact with our finance experts to explore the options that meet your needs.

Mileage and Restrictions

  • If you are financing and intend to have full ownership of your vehicle, then you don’t have to worry about any limits on mileage or restrictions. 
  • Leasing your vehicle comes with a certain amount of boundaries. Specifically around mileage. If you exceed your mileage limit then you will have to pay a fee at closing. 

If you have short commutes, then a lease is most likely to suit your needs. If you are a weekend warrior or a road trip fan, then financing is probably your best option. 

Ownership and Customization

  • Buying or financing the full cost of a vehicle gives you the choice to accessorize however you would like. You have the freedom to make extensive modifications, upgrade your parts and add custom parts. 
  • If you choose a leased car, you are responsible for keeping the vehicle as close to the factory condition as possible. The dealership still technically owns the vehicle, and will need to resell it after your lease is up. 

If you are deciding on leasing vs. buying and you are interested in customizing your vehicle to enhance performance or style, then leasing may not be the right choice for you. 

Leasing vs. Buying: Flexibility and Freedom

  • Financing provides a level of flexibility you won’t get with a lease. Yes, you are in a contract, but at any point you can sell or trade in your vehicle (given that it is worth more than you owe at that time). You could also refinance and get a lower rate. As long as you want to keep it, the vehicle is yours.
  • The ease and convenience of leasing a vehicle can be great. All you need to do is take care of it, then when your term is over, you drop off the vehicle and bring home a new one. You could also buy out the lease in some cases, and bring it home to keep. 

When it comes down to it, leasing can be an attractive option for Coweta County drivers. However, if you are eager to maintain and resell your vehicle, trading in a purchased vehicle can help offset costs. 

Should I Buy or Lease? Scott Evans Chrysler Dodge Jeep Ram Will Help You Decide

When you are ready to explore our leasing and financing specials, give us a call at Scott Evans Chrysler Dodge Jeep Ram in Carrollton. We are happy to help you figure out the best financial choice. You can contact us online or give us a call to speak with our finance team and go for a test drive.

 

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