Should I Buy or Lease?

You may be wondering whether it is better to buy or lease your next vehicle. While there is no easy answer to this question, we at St. Charles Chrysler, Dodge, Jeep and Ram are here to help. Below you can find out some of the benefits of both buying and leasing. The key is to find the best fit for you. Make sure you factor in your family, lifestyle, commute and other variables into your decision-making process. When you have determined what your needs are, what you can afford, and what you want, contact us to schedule your test drive!

BENEFITS OF LEASING:

Leasing is an ideal choice for anyone who drives fewer than 15,000 miles per year, wants a new car every 2-4 years, and takes good care of their vehicles. With leasing you may be able to get a bigger, better-equipped vehicle than what you could purchase for the same monthly cost. Here are some of other benefits:

• Shorter Commitment: With leasing, you can get out of your vehicle and into a brand new one every 3 years as opposed to financing for 7 years.
• Lower Payments: 9 out of 10 times we can offer a lower payment with leasing. Monthly payments and down payments costs are often lower when you lease vs. buy, since you are only paying for the portion of the car’s life you use.
• Less Sales Tax: Most states have lower sales tax on leased cars. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
• Lease to Purchase Option: Get a lower rate and a lower payment and have the option to purchase the vehicle at the end of your lease.
• Other End of Lease Options: You have multiple options when your lease is over. As mentioned above you have the option to buy the car, or you can lease another vehicle, or explore other options. Trading in your vehicle for another leased vehicle is a simple process.
• Warranty and Coverage: Most maintenance and repairs are covered under lease warranties, so long as you stay within your mileage allowance.
• Features, Technology and Options With leasing you can always be on the cutting edge with features, options and the latest technology as you can replace your car every few years.
• High Approval Rate: Drivers with less than ideal credit may prefer leasing over purchasing as it is often easier to get approved for a lease than it is to obtain a car loan.

BENEFITS OF BUYING:

Purchasing a car is an ideal option for anyone who drives a lot, wants to build equity, or puts their vehicles through heavy use. Here are some of the advantages of having total ownership of your vehicle:

• Customization: You can personalize, modify and customize your car without any limits. Be it paint options or custom parts, you have the freedom to choose what you want.
• No Mileage Restrictions: When you purchase a car you’re free to drive it however much you want. Ready for that cross-country road trip? No problem!
• Financial Flexibility: When you purchase a vehicle you have the freedom to choose your loan-term length and you can choose your financing partner - be it the dealership or a bank. The car financing process is also a little more straightforward than leasing.
• Lower long-term cost: While purchasing a car may be more expensive up front, in the long term it may pay off. Monthly payments end once your loan balance is paid off, so if you plan to drive your car for many years this could amount to cost-savings in the future.
• Selling Your Car: Total ownership also means you can sell or transfer title of your car whenever and however you please, or you can trade it in to lower the cost of your next vehicle.
• Wear and Tear: If you plan to use your RAM 2500 for heavy-duty work, or go off-roading in your Jeep Wrangler, you may want to consider purchasing, since with leasing you may incur extra fees for excess wear and tear when your lease term is up.

FINANCE OR LEASE YOUR NEXT VEHICLE AT ST. CHARLES CHRYSLER, DODGE, JEEP AND RAM

The ultimate choice to purchase or lease your next vehicle is a personal one, and depends on your finances, needs and future plans. No matter what you decide, we are here to help. Contact us at St. Charles Chrysler, Dodge, Jeep and Ram today with any of your leasing or financing questions. We’ll be happy to sit down with you and discuss current offers and incentives, and help you make the best decision in securing your next vehicle.