There’s much to consider when choosing the perfect vehicle, but more decisions await once you’ve selected the right new ride. Our team makes the process simple, ensuring your next steps are the best for your budget. So if you’re not sure whether buying or leasing is the smartest option, we’re here to help!
Buying a new car comes with higher monthly costs, but once you’ve paid it off, the vehicle is yours to keep. Leasing, on the other hand, is more affordable – but also comes with a few disadvantages.
In the end, the right choice is steered by your individual needs and preferences, so consider these first. Then, read on to learn more! We’ll review the pros and cons of both options here, helping you make an informed decision you can feel confident about.
Understand the Basics
Not sure how leasing works? It’s simple! Leasing a car essentially means that you are renting it for a specific period of time, usually 24 or 36 months. You’ll make monthly lease payments while you’re driving the vehicle, until the lease term is up. Once your lease period ends, you can either return the vehicle to the dealership or purchase it for a price specified in the lease agreement. Keep in mind that there are typically restrictions, like the amount of miles you can drive.
If you choose to buy a vehicle, you can pay in cash upfront or finance it. Paying in full at the time of purchase means that you own the car outright and immediately take the title. Most customers, though, choose to finance their vehicle with a car loan and make monthly payments until it is paid off. This allows you to build equity over time, and at the end of the financing period, the vehicle is all yours! When it’s time for your new vehicle, you’re free to trade or sell your current one.
When deciding between a car lease or loan, ask yourself the following:
- How much can I reasonably afford to spend on monthly payments?
- How long do I want to make payments for?
- How much am I willing to pay in upfront costs?
- How far do I typically drive each week?
- How important is it to drive a brand-new model?
- How clean do I usually keep my car?
- Do I use my car for business purposes? Would it qualify for a tax deduction?
Pros and Cons
Benefits of Leasing
- Lower upfront cost
- More affordable monthly payments
- No resale hassle
- Flexibility to get a new car every few years
- Worry-free maintenance
- Potential for tax deductions
Benefits of Buying
- Car ownership/long-term investment
- Complete control over mileage
- Firm idea of costs
- No restrictions
- Total control
- Potential for tax deductions
Cons of Leasing
- No perks of ownership
- Mileage limits
- Fees and other costs (termination fee or excessive wear and tear fee)
Cons of Buying
- Rapid depreciation
- Driving costs (fuel, insurance, maintenance)
Trust Santee Chrysler Dodge Jeep RAM to Help You Make the Best Decision!
Whether you choose to buy a used RAM truck or lease a new Jeep Wrangler, we are your destination for your next vehicle. Our team has streamlined the process to get you back on the road as efficiently as possible, offering friendly customer service each step of the way!
Deciding between leasing and buying a car will come down to your lifestyle, driving needs, and financial situation. We’ll help you consider each of these factors, then present your options. A car lease in Manning, SC is often more attractive for those who want to drive the newest model while making lower monthly payments, while buying is often better for drivers looking to make a long-term investment without the hassle of driving restrictions and extra fees. Put simply, leasing brings flexibility, while buying offers freedom!
Looking to buy a new Chrysler, Dodge, Jeep, and RAM model? Our inventory is second to none! Interested in a car lease in Columbia, SC instead? We can help with that too!
Whichever option you choose, you’ll score a great deal here at Santee Chrysler Dodge Jeep RAM! To help you save, we offer new car deals as well as lease specials. Come see us today!
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