Should I Buy or Lease?

You’re looking at purchasing a new Chrysler, Jeep, Dodge, Ram, Wagoneer, but you’re wondering to yourself, “Should I buy or lease?” It’s one of the most common questions we get here at Bill Luke Chrysler Jeep Dodge Ram, and for good reason. The decision is complex and there isn’t a right answer that applies to everyone. Rather, there are better options for certain scenarios and people with different needs. Learn more now or contact us anytime to get your other auto finance questions answered.

Leasing vs. Buying: Compare the Costs & Benefits

• Benefits of Leasing Include: lower monthly payments, less spent on taxes and down payments, few worries about escalating service or repair costs, the ease of upgrading to a new vehicle with the latest safety features and technologies every few years
• Benefits of Financing a Purchase Include: the chance to pay off your vehicle and eventually have no monthly payment whatsoever, no mileage restrictions, often cheaper in the long run despite very probable eventual large-sum service & maintenance expenses

The Bottom Line: The average age of cars on U.S. roads is around twelve years. If you plan to keep your vehicle that long, buying is the way to go. Still, for those South Phoenix and Glendale drivers who keep their vehicles for an average of three years, or who demand the latest and greatest, or who want to pay less monthly and on down payments, leasing can be a smart choice.

Leasing vs. Buying: Mileage & Restrictions

• Those who finance a vehicle purchase in Phoenix or Laveen will not have to worry about mileage restrictions or excess wear and tear fees.
• Those who lease their vehicles will have to stay within certain strict boundaries or pay a fee when their lease term comes to a close.

The Bottom Line: If you commute the average of 16 miles a day each way like most Americans, and drive a little extra to run errands, you’ll very likely be able to swing a lease with an annual mileage limit of around 15,000 miles. If, however, you do lots of driving and don’t want mileage anxiety, purchasing a car is a better bet.

Leasing vs. Buying: Total Ownership and Customization

• When you buy a vehicle (or finance its full cost), you can customize your car to your heart’s content. Just remember that certain modifications may void your warranty.
• When you lease, you’ll need to keep the vehicle in stock condition.

The Bottom Line: Want to modify your vehicle? You should purchase it. Want a vehicle that comes pre-loaded with tons of modern features? Leasing may get you what you want for less per month.

Leasing vs. Buying: Freedom, Options, & Processes

• Financing offers flexibility. A financing agreement is a legal contract. Still, you may be able to refinance down the line for lower payments or less interest. You may also trade-in your car at any time, even if you’re still making payments.
• Leasing is easy and convenient. Leasing is easy. So long as you take care of the car and return it in similar condition to what it originally was, you probably won’t have any issues upon lease termination.

The Bottom Line: The ease of leasing and automatic ability to upgrade to a new car every few years makes it popular with many Glendale drivers, but buying doesn’t lock you into a cycle of leasing. Is a new car more important to you? Or is flexibility?

Explore Leasing and Financing Options at Bill Luke Chrysler Jeep Dodge Ram

We here at the Bill Luke Chrysler Jeep Dodge Ram finance center are happy to help you explore all of your options and weigh pros and cons to decide once and for all if you should buy or lease your next new Chrysler, Jeep, Dodge, Ram, Wagoneer vehicle. Speaking of, why not check out our new vehicles now? You’re bound to find something you like in-stock.