Buying vs Leasing Toledo OH
Buying vs Leasing a Vehicle
Brought to you by Rouen Chrysler Dodge Jeep Ram
Signing a purchase agreement for a new or used vehicle, or signing up to lease a brand new vehicle is a mighty big decision. You want to make sure you truly love the vehicle you're about to drive off the lot in first before you sign on to either take ownership of a vehicle until you decided to sell it or to lease a vehicle for a while before having to return it to the dealer. Once you're sure you love the vehicle, you need to decide if you want to lease it or buy it either outright or by taking out a loan. There are advantages to both buying and leasing a vehicle. To help you decide which is the best option for you, we're going to go over the difference between the two down below.
How Do Leases and Loans Differ?
Ownership
Let's start with ownership. When you purchase a vehicle either outright or by getting a loan, you own that vehicle until the day you decide to sell it. When you lease, say, a Jeep Cherokee, you are only borrowing the vehicle for the length of your lease. When your lease runs out, you can choose to re-up your lease, lease a new vehicle, or buy the vehicle. Many people like leases because it allows them to always have a brand new car with the latest tech and creature comfort features.
Let's start with ownership. When you purchase a vehicle either outright or by getting a loan, you own that vehicle until the day you decide to sell it. When you lease, say, a Jeep Cherokee, you are only borrowing the vehicle for the length of your lease. When your lease runs out, you can choose to re-up your lease, lease a new vehicle, or buy the vehicle. Many people like leases because it allows them to always have a brand new car with the latest tech and creature comfort features.
Monthly Payments
Monthly payments are generally lower than loan payments due to the fact that you are only paying for the value of the vehicle while you are using it, not the entire value of the vehicle. Of course, if you put a large down payment on a vehicle or decide to buy a vehicle outright, your payments will be lower than a lease payment.
Mileage
If you are someone who is constantly in the car, either because you have a long commute, you love traveling all over the place, or you have to bring your kids to all of their activities, you might want to rethink a lease. When you lease a vehicle, you are generally agreeing to drive the vehicle either 12,000 or 15,000 miles. Although through Chrysler Captial, you can opt to increase your mileage limit. If you don't want to worry about the number of miles you're putting on your vehicle, you should probably consider buying.
Customizing
If you have your heart set on a lifted Jeep Wrangler with giant tires and a light bar, you should probably opt to buy. When you own the vehicle, you can opt to do whatever you want to it, as long as it's legal, of course. When you lease a vehicle, you have to make sure your modifications are approved and can be removed at the end of your lease.
Buying and Leasing at Rouen Chrysler Dodge Jeep RAM
We hope we gave you a better understanding of the differences between buying and leasing, but if you still have more questions, our sales staff is always happy to sit down with you and answer all of your questions so you can feel confident in your decision to lease or buy. We here at Rouen CDJR have an exceptional collection of new vehicles to choose from that are available to purchase or lease. You can view our inventory online at any time, and when you're ready, we are excited to accompany you out on a test drive.