Lease vs Buy

 

Should You Lease or Buy Your Next Vehicle?

There are a few things to remember when on your way to the dealership to pick out a new car, but the biggest answer you should know is to whether you'd like to lease or buy your next vehicle. Both options have their benefits, it's just all about choosing what's best for you! Read on to see some of the pros and cons when it comes to buying vs. leasing a vehicle.


Lease

Pros:

  • Lower up-front out-of-pocket expenses
  • Leases promote lower monthly payments since you are only paying for the time you use the vehicle
  • Lesser amount required for down payment
  • Leases last a few years, so you are able to get a new car every couple of years
  • Future price of vehicle is predicted, so even if your vehicle depreciates faster than assumed you are not liable

Cons:

  • You do not own and never will own the vehicle
  • Monthly limit on the miles you are able to drive, with penalty fees for going over
  • Fee for ending lease early
  • You are liable for any damage at the end of the lease

Buy

Pros:

  • You are considered to be the owner of the vehicle
  • Being that you are the owner, you're able to alter and customize the vehicle to match your needs/desires
  • In the long run, it is more cost effective
  • There is no limitation on amount of miles you can drive¬†
  • You can sell the vehicle at your own convenience

Cons:

  • Initial down payment will be higher
  • Monthly payments will be higher since you are paying for the entire cost of the vehicle
  • Maintenance and repair costs will come out-of-pocket unless covered by warranty
  • Trade-in and resale may be difficult due to depreciation, damage, age, mileage, etc.

There are many things to consider when making the decision to buy or lease a new vehicle. What works best for you may not be the perfect fit for someone else. If you are more concerned with saving money at first, then leasing may be the right choice for you. If you like to personalize and travel many miles, then buying may suit you best. This is a big step to make in your life and Quigley Chrysler Dodge Jeep Ram would love to help you along the way! If you have any questions about leasing or financing, don't hesitate to contact us using the form to the right or by giving us a call at (888) 844-8564.

Contact

Quigley Chrysler Dodge Jeep RAM

565 Route 100 North
Directions Boyertown, PA 19512

  • Sales: (888) 844-8564
  • Service: (888) 223-8405
  • Parts: (888) 537-9169

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