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Lease vs Buy
Why Lease a New Car?
If you want to drive newer, safer, more reliable cars, trucks, or SUVs, but prefer not make a large down payment every 3-4 years, and also do not drive an enormous amount of miles yearly, then a new car lease should be the right choice for you. Leasing is designed for those who would prefer to bypass the hassle of selling and buying every time they want to upgrade to a new car, truck, or SUV.
Why Should You Buy a New Car?
On the other hand, if you like long term automotive relationships with a higher sense of commitment and ownership, then buying might be what’s ideal for you. Car-buying is typically best for people who will not mind driving the same vehicle for more than five years or even until it is no longer fit for the freeway.
Buying vs Leasing: Which Is Right for You?
Being aware of the pros, cons, and overall benefits of buying vs leasing a vehicle is imperative. Be sure to contemplate monthly payments, vehicle ownership, repair costs, and potential savings when considering the best new vehicle financing type for you.
Buying: Ownership vs Leasing
When considering vehicle financing, new car or truck ownership surely comes along with many advantages, most associated with entire ownership of the car. You may not be aware, however, there are also a few nice benefits of leasing, as well. It’s imperative to consider all financial aspects including depreciation, down payment, monthly payments, term length, buyout payments, interest rate, and maintenance & repair costs, before making a decision. A precise checkup of your current financial situation, future needs, and your preference for commitment, will likely ensure that you make the optimal choice between leasing and buying a new car.
Monthly Payments
Vehicle lease payments are often times less expensive than auto loan and car financing payments as the standard lease structure is basically renting with the option to purchase near the final payment of your lease term. Consider when leasing that you’ll need a higher credit score, and will be required to carry comprehensive and collision insurance, though the same can be said for the lowest rate auto loans. Although it can likely increase your monthly payments, it’s also smart to select a model with the features you need or want, as personal satisfaction is often priceless.
Maintenance & Repair
Auto leases often include regular vehicle maintenance & repair. It is important to keep this in mind when projecting monthly costs of ownership vs leasing. Regardless of which make and model you buy, mechanic bills are an unknown cost that can quickly add up. And for those of us who aren’t certified mechanics with a full toolset and hydraulic jack in the garage, leasing may be the best option for peace of mind.
Investment vs Savings
In general, a new car lease saves money in the short term with more affordable monthly payments, while buying gets you a long term investment, meaning full ownership of the value of the car at the time it is traded, sold, or paid-off. For best savings on a lease, avoid lease return fees for terminating the vehicle lease early, going over mileage, or putting on excessive wear and tear. For the best investment on a purchased/financed vehicle, you can pay it off quickly and also avoid excessive wear and mileage.
Lease
Buy
Ownership
No Ownership
Pride of Ownership
Down Payment
Smaller Down Payment
Larger Down Payment
Monthly Payment
Smaller Monthly Payments
Larger Monthly Payments
Maintenance & Repair Costs
Typically Included
Not Included
Savings/Investment
Short Term Savings
Long Term Investment
Finance Term
Approx. 2-4 Years
Approx. 3-6 Years
APR %
Credit-Based
Credit-Based
New Vehicles
Available
Available
Pre-Owned Vehicles
Not Available
Available
Vehicle Customization
Not Available
Available
Poor Credit Financing
Not Available
Available
Chrysler Jeep Dodge Ram Lease and Finance Offers In Oklahoma City OK
Bob Howard Chrysler Jeep Dodge Ram knows that choosing the right Chrysler Jeep Dodge Ram car and financing option is never easy. Our team of experienced Chrysler Jeep Dodge Ram lease and finance specialist are on hand to help you make the right choice. Visit us online, by phone, or in-person at our dealership location in Oklahoma City, OK. We look forward to serving you.
Ask yourself this: do you love changing your car often and hate a huge upfront payment? Customers who love new cars every few years and don’t like paying a significantly high amount every month or hate the idea of a longer finance term may like the idea of leasing a vehicle. Bob Howard Chrysler Jeep Dodge Ram lease deals offer a flexible lease term option, so customers can make an educated decision while choosing a lease deal.
If your answer is “no” to the above question, then purchasing a car is your best option. Once you have settled on the CJDR model you want, check out our specials, lease deals, and all current offers to see what works best for you. We offer a variety of incentives, that are updated monthly, for both leasing and car buying financing option. We recommend customers to contact our local dealers to learn more about the ongoing offers available in their location.
No matter what you choose: lease or buy, our sales experts will assist you all through your new car purchase or leasing journey. Call us or contact us when you are ready and we’ll put our expertise to work for you.
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