Leasing vs. Buying

Car-buying paperwork

 

Are you debating leasing vs. buying a vehicle? There are pros and cons to both, but there is also a lot of incorrect information regarding these options. At Slingerland Chrysler Dodge Jeep Ram FIAT near Owosso, our finance experts are always happy to discuss both options with you, though your decision will ultimately depend on your financial status and goals.

Thinking, “Should I buy or lease a car?” Learn more about leasing vs. buying a vehicle in the following guide from our Corunna staff.

What’s Great About Buying?

Should you buy or lease a vehicle? When making your decision, it’s important to know what each one entails. The greatest thing about buying is that you will own your car and can do whatever you want with it. Buying also means you can sell at any time, which allows you to recover much of what you’ve invested into your loan principal.

You won’t operate under the same restrictions that come with leasing, so you can repaint your car any color and not worry about getting hit with fees or penalties. For those who decide to buy, check out our inventory, take a test drive, and fill out a loan application today.

What’s Great About Leasing?

When debating leasing vs. buying a vehicle, consider leasing as a form of renting. You will pay to use a vehicle for a predetermined period, but you only have to pay for depreciation as it occurs throughout the lease (usually 24 to 36 months).

As a result, you will be looking at lower monthly payments, an important advantage for many people who lease in St. Johns. You’ll also have a considerably smaller down payment and less sales tax. It’s a great choice if you’re someone who likes getting a new vehicle every two or three years – or you plan to buy the vehicle outright once your lease term is up.

What’s Bad About Buying?

If you have a poor credit history, financing can be a difficult prospect, as you will get hit with a higher interest rate, monthly payments, and a potentially larger down payment.

In general, an auto loan means you will have a vehicle longer than you would a leased model, which many people dislike. If you don’t want to feel trapped in a long-term deal, financing a car loan may not be the best option.

What’s Bad About Leasing?

Leasing can offer a high degree of flexibility, but there are also restrictions. Leasing means you will have a monthly mileage restriction, which can hamper Flushing drivers who enjoy doing a lot of driving. If you exceed your monthly mileage limit, you will end up paying a penalty. At the same time, you can be charged fees for any vehicle damage considered excessive.

Debate Leasing vs. Buying With Slingerland Chrysler Dodge Jeep Ram FIAT

So, should I buy or lease a car? That choice is entirely up to you and your needs. Visit us at Slingerland Chrysler Dodge Jeep Ram FIAT and explore leasing vs. buying in person.

Contact our consultants about the benefits and pitfalls of each. If you are still car shopping, check out our offers and incentives, which can save you money.

 

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