Should I Buy or Lease?

Signing Finance Documents for Car

 

Let’s say, hypothetically, that you’ve made the wise decision to purchase, one way or another, a new Chrysler, Dodge, Jeep, Ram car, truck, or SUV. It’s a smart move! It’s time then to follow it up with another smart move – but this next one depends on your financial situation and plans. 

 

 

What’s the decision to make here? Why it’s whether to buy or lease your new Chrysler, Dodge, Jeep, Ram ride! Keep reading our handy guide to hopefully help you decide what the right path is for you! Also, be sure to contact us via our online portal if you have any questions!

Leasing vs. Buying: Long and Short-Term Costs

It should be noted that statistically, most Chrysler, Dodge, Jeep, Ram drivers keep their new vehicles for an average of about three years – often because they’d like to enjoy the latest features available with the newest models! That in mind, here’s some positives for each option when it comes to leasing vs. buying.

  • A positive for leasing for many Caldwell area residents is that it offers lower monthly payments right off the bat. You’ll also typically spend less on your taxes and down payments. Starting a new lease every few years also helps ensure that you won’t have to deal with escalating repair costs.
  • On the other hand, financing/buying is great because it provides you with the opportunity to eliminate your monthly payments entirely. Buying used and financing typically go hand in hand, and buying used is often synonymous with savings! The only downside tends to be the cost of service and repair as vehicle ownership goes on.

Leasing vs. Buying: Mileage & Restrictions

When it comes to making the decision of lease vs. finance, there’s another few factors to consider, aside from the financials, one of which being mileage restrictions. Read below to see how they apply to each scenario:

  • Those who finance intending to buy the vehicle for it’s remaining value at some point will not have to worry about mileage limits or restrictions. It’s going to be your car, afterall!
  • However, those who lease their new vehicle every few years will have to stay within some fairly strict boundaries, or pay a fee when the lease comes to a close at the end of its term.

Leasing vs. Buying: Total Ownership and Customization

If you’re interested in working with our Service Department on modifying your vehicle to perform better on or off road, it should be noted that there’s also restrictions on doing so for leased vehicles. Read below to discover this important difference in leasing vs. buying.

  • When buying/financing a vehicle, you can add whatever accessories your heart desires! Aside from possibly voiding your vehicle’s warranty, there’s no restrictions on modifying your purchased vehicle in this scenario because, again, it’s yours!
  • When leasing you’ll need to keep the Chrysler, Dodge, Jeep, Ram as close to factory condition as possible. The dealership still owns the vehicle, at the end of the day, and it’s up to them to resell it once you return it.

Explore Leasing and Financing Options at Peterson Chrysler Dodge Jeep Ram

If you came here wondering “should I buy or lease” then you’ve hopefully come at least a little closer to making a decision. The experts in our finance department are just a phone call away if you have any questions! It all starts with browsing our inventory online!

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