Should You Buy or Should You Lease?

Your old vehicle doesn't run as it did years ago, so you want to shop for a new car. Shopping for a car doesn't only involve purchasing one. Leasing remains a popular option for many drivers around Attica. Whether a driver chooses to own or lease depends on different factors. Each consumer has unique needs. Think about your plans for the car and what you want from the vehicle. Your answers help guide you towards deciding on leasing vs. owning.

Are you the type of owner who wants to pay a car off, drive it for many years, and doesn't have a problem with a vehicle running around Batavia on 100,000 miles? If so, then buying makes more sense. When you want a new car packed with cutting edge technology every two or three years, leasing proves wise.

Don't try to figure out whether it is "right or wrong" to buy or lease. Take an honest look at your situation to see what option makes the most sense.

The Cost Factor

Costs weighs heavily on shopper's minds. Anyone who wants to pay the least amount per month will find leasing better. With a lease, you pay for depreciation alone. When buying, you pay for the entire car. The drawback with leasing is you never own the car. When the lease is up, you return the vehicle and, likely, sign another contract for a new car.

Insurance is another expense to consider. Leasing companies could mandate a set amount of coverage, which drives up cost. Down payments on a lease, however, may be lower. The leasing company might not require 20% down. The leasing company might require you to repair all body damage, though. When you own a car, ignoring minor scratches is an option.

Replacing the Car

Car owners around Perry can sell a vehicle whenever they wish, even when they owe money on the car. Getting a new car isn't so easy when leasing. You would need to either wait until the lease ends or transfer the contract to someone else. Anyone who has no plans to procure a new Chrysler, Dodge, Jeep or Ram won't mind a three-year lease.

Should you buy or lease? Think about your options or preferences, and you'll receive an answer. If you need a little guidance, or more information, visit the finance center at Upstate Chrysler Dodge Jeep Ram to speak with our experts.

Categories: Finance
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