Should I Buy or Lease a Car?
The decision to buy or lease a car depends on a variety of factors, including your wants, needs, and financial situation. Will you simply be driving through the streets of Albertville or are you planning on taking frequent road trips? Do you want to add some personality to the vehicle with customizations? Are you on a strict budget? All of these questions are important to consider when choosing between leasing and buying, so consider the advantages of each as you assess what makes the most sense for you.
Advantages of Buying a Car
Got your eye on a new vehicle and don’t know if buying or leasing is better? Regardless of how you plan on paying for a vehicle, buying it gives you the freedom of total ownership. Here’s what that includes:
- Financial Flexibility. When you buy a car, you have the freedom to choose your financing partner–whether it be a bank or dealership–and you can choose the loan-term length. Or, if your bank account allows it, you can buy it outright in cash.
- No Mileage Limits. Buying a car means you’re free to drive it however much you please, whether that’s simply across Gadsden or across the country.
- Modifications. Whether you want to add a sleek decal or beef up the car’s performance with custom parts, you have the ability to turn heads in the Huntsville area.
- Lower Long-Term Cost. Though it’s costlier initially due to the down payment, buying a car means monthly payments end entirely once the loan balance is paid off.
- Ability to Sell or Trade In. Total ownership means you can sell the car however you please or trade it in to lower the cost of your next vehicle.
- Wear and Tear. If you know you are going to use your Jeep Grand Cherokee for towing a lot our you want to use your RAM 2500 for heavy-duty work, ownership might be the better choice, since leasing has fees for excess wear and tear when the lease term is up.
Advantages of Leasing a Car
Leasing a vehicle relieves you of long-term commitment to it, yielding several benefits:
- Lower Payments. The down payment and subsequent monthly payments will be considerably cheaper for a car lease. This drastically reduces sales tax, too.
- Warranty and Maintenance Coverage. Any necessary repairs and maintenance are covered throughout the life of your lease as long as you adhere to the mileage restrictions.
- Frequent Upgrades. Once your lease expires, you have the freedom to choose among the latest models available for your next lease.
- High Approval Rate. Those of you stuck traveling by foot around Fort Payne because you can’t secure a loan due to credit deficiencies have a much better chance of securing approval for a lease.
Buy or Lease Your Next Vehicle at Alexander Dodge Chrysler Jeep RAM
Whether you choose to buy or lease your next vehicle, Alexander Dodge Chrysler Jeep RAM has you covered with competitive incentives on popular models like the Jeep Wrangler and the RAM 1500. Visit our dealership or contact us with any of your leasing, financing, and even insurance questions today! We look forward to helping you secure your next new vehicle.