Buy vs Lease

 

Lease vs Buy a Vehicle

Consumers have so many options when it comes time to get a new car that it can be completely overwhelming, especially if you are unsure if you should buy or lease your next vehicle. Determining if you should finance or lease is probably one of the first decisions you should make because it will have an effect on the entire process going forward. What makes this decision unique is that there is no right or wrong answer, it is completely dependent on your wants/needs and financial situation. Below you will find a comparison between the pros and cons of the two options. 

Buy

Pros:

  • You will be the owner with the title in your name
  • Because you own it, you are able to alter or customize the vehicle however you please
  • In the long run, buying is more cost effective
  • You can see the vehicle whenever you want for a return on your investment
  • There are no mileage restrictions

Cons:

  • You will not know the resale value of the car until it is time to sell
  • Down payment is significantly higher as you are financing the entire cost
  • Monthly payments will be higher
  • Maintenance and repair costs will come out of packet after warranty expires

Lease

Pros:

  • Only paying for the period of time you use the vehicle
  • Lower monthly payments
  • Smaller down payment
  • Car is usually covered under warranty for length of the lease
  • You can upgrade your car every few years (usually 3 years)
  • You are not liable if the vehicle depreciates faster than expected

Cons:

  • You are limited on the number of miles driven each year
  • Additional fees for exceeding mileage limits
  • You are basically renting the vehicle for an extended period of time, so the title will never be in your name
  • Leases do not help build equity 
  • Additional fees for terminating lease early

The pros and cons highlighted above are the major differences between buying and leasing and should only be used to influence your decision. The decision to buy or lease is 100% circumstantial based on your current situation; what works for you may not work for someone else. If you are finding it difficult to decide between buying and leasing your next car, don't hesitate to contact us using the form below, Send an Email, speak with a representative at (877) 658-3848, or stopping by our dealership at 206 S. Carrollton Street

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Contact

Furey Chrysler Dodge Jeep Ram

206 S. Carrollton Street
Directions Malvern, OH 44644

  • Sales: (877) 658-3848
  • Service: (877) 704-6983
  • Parts: (888) 482-6180

Hours

  • Monday 9:00am-8:00pm
  • Tuesday 9:00am-6:00pm
  • Wednesday 9:00am-6:00pm
  • Thursday 9:00am-8:00pm
  • Friday 9:00am-6:00pm
  • Saturday 9:00am-4:00pm
  • Sunday Closed
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