Buying vs Leasing Your New Car

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When shopping for a new vehicle, you have two options. You can either lease your vehicle or buy it outright. This decision can be tricky depending on your situation as you have to factor in your personal preferences, finances, and driving habits. After all, what's good for you might not be the correct solution for the next person. Here at Cunningham Chrysler Dodge Jeep Ram, we want to give you the benefits of both of these options, so you know which one is best for your needs. We have gone over both options, from monthly payments and resale value to mileage restrictions, with a fine-toothed comb. Keep reading below for all the information!

What are the benefits of buying your car?

When you buy your vehicle, you will have a sense of vehicle ownership and all of the benefits that go along with it. You might enjoy the sound of owning your car for many years and then passing it down to your children once you are done driving it. Speaking long-term, you will end up spending less on your vehicle if you buy it outright. This is especially true if you take good care of it through regular maintenance by our experts at Cunningham Chrysler Dodge Jeep Ram. So if you are planning on buying your vehicle, you need to make sure you're keeping up with things like oil changes, tire rotations, and engine tuneups. We also recommend taking out an extended warranty if you want to keep your vehicle for a long time. In addition, you can sell or trade your vehicle at any time if you're the owner, which will make it easier for you to get a new vehicle.

What are the benefits of leasing your vehicle?

If you plan to lease your vehicle, you can expect lower monthly payments and an initial outlay. Business owners like to lease their work vehicles to deduct their payments without having to deal with vehicle depreciation. If your business involves hauling around many people from place to place, such as for entertainment purposes or real estate, you might want to consider leasing a luxury vehicle as it would take a large down payment to own it. If you're planning on leasing a car just for yourself, you might want a vehicle with all of the latest tech equipment. In this case, leasing your vehicle might be your best bet. Are you worried about taxes? Well, when you lease a vehicle, you will only need to pay a sales tax on the financed portion.

What happens at the end of the term?

One of the biggest questions when people decide to buy or lease their vehicle si what happens when the term is up. If you're leasing your vehicle, your lease will typically last 2-4 years, and once your lease expires, you can take your car back to your dealership and put a down payment on a new one, or you can purchase another vehicle outright. If you decide on buying your vehicle, the term can last for an extended period, and you won't have to make any future payments. You can either buy a new vehicle or trade in the one you have for cash.

We can help here at Cunningham Chrysler Dodge Jeep Ram

Are you unsure about whether to buy or lease your next vehicle? We here at Cunningham Chrysler Dodge Jeep Ram are excited to help you out! Be sure to head down to our dealership and speak with one of our knowledgeable and friendly representatives, where we will assist you in going over your options and help you figure which one is best for you. In addition, you can also check out our entire new and pre-owned inventory either at our dealership or here on our website. We look forward to serving all your automotive needs here at Cunningham Chrysler Dodge Jeep Ram!

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* MSRP is the Manufacturer's Suggested Retail Price (MSRP) of the vehicle. It does not include any taxes, fees or other charges. Pricing and availability may vary based on a variety of factors, including options, dealer, specials, fees, and financing qualifications. Consult your dealer for actual price and complete details. Vehicles shown may have optional equipment at additional cost. * The estimated selling price that appears after calculating dealer offers is for informational purposes, only. You may not qualify for the offers, incentives, discounts, or financing. Offers, incentives, discounts, or financing are subject to expiration and other restrictions. See dealer for qualifications and complete details. * Images, prices, and options shown, including vehicle color, trim, options, pricing and other specifications are subject to availability, incentive offerings, current pricing and credit worthiness. * In transit means that vehicles have been built, but have not yet arrived at your dealer. Images shown may not necessarily represent identical vehicles in transit to your dealership. See your dealer for actual price, payments and complete details.

Max payload/towing estimate ratings shown. Additional options, equipment, passengers, and cargo weight may affect payload/towing weights. See dealer for details.

Buying vs Leasing Your New Car