Buying vs. Leasing

Once you narrow in on the perfect new car, you’ll probably be wondering if you should buy or lease it. While both have great advantages, it’s important to figure out which one suits your lifestyle and budget best. The difference between the two is what you’re actually paying for, the car itself or just its depreciation. Read our handy guide below, then contact us with any in-depth questions!

Buying

If you buy a vehicle, it’s a little more cut and dry than the alternative, leasing, would be. You’re the kind of person that just wants one reliable vehicle to own and love for years to come. Furthermore, buying serves as a great option for those who want to:

• Own the car for more than two or three years
• Customize it
• Not be restricted by mileage restraints
• Earn equity
• Have a trade-in for your next vehicle purchase

The costs associated with buying a vehicle include a down payment and monthly payments to pay off the loan on the vehicle. Once those payments are done, you get the title of the vehicle and are its true owner!

Leasing

Unlike buying, leasing only requires you to pay for the vehicle’s depreciation costs that occur during the term of your lease (usually around three years). This option lends itself to people who:

• Like upgrading to newer models every couple of years
• Want lower monthly payments
• Don’t drive over 15,000 miles per year
• The option to buy

Leasing has its limitations like a term limit, mileage cap, and some fees; but enjoying brand new technology and safety features on top of lower monthly payments really steers many people towards this option. Plus, an added bonus to leasing is that a lot of the time you have the option to buy your leased vehicle at the end of the lease term if you happen to just adore it.

Need More Guidance? Contact Our Well-Versed Finance Staff!

Whether you’ve decided to buy or lease your next vehicle, the dedicated finance professionals at Jack Powell are ready to help make your new car dreams a reality! It’s easy to get started, you can even begin your application online. With convenient hours seven days a week, we encourage you to stop in and find the right Chrysler, Dodge, Jeep or Ram vehicle to suit your unique needs.