Leasing Vs. Buying - The Benefits of Both

The Benefits of Leasing or Buying Your Chrysler or Jeep

There are pros and cons of leasing or buying a vehicle, and it can depend on your individual budget and needs, your credit score, and your personal ambitions of owning a vehicle. If you want to build equity or customize your car, then buying is a favorable option. However, if you’re looking for a lower payment and a newer, nicer car for your money, then leasing can be an option that better suits you. Antwerpen Chrysler Jeep wants you to know the benefits of either option so you can decide what fits your needs and budget between buying or leasing a Chrysler or Jeep in Baltimore, MD. Consider the following highlights of what you get from each method.

The Benefits of Leasing a Chrysler or Jeep Vehicle

By leasing a vehicle, you can save money on your monthly expenses and get the latest technologies for safety, connectivity, and driver assistance. Leasing can allow you to get a newer, nicer car than when you buy one. Here is a summary of some of the benefits while you consider buying or leasing a Chrysler or Jeep vehicle:

You Can Have a Smaller Down Payment

Leasing a vehicle usually requires a smaller down payment than buying one. Some leases actually don’t require anything down when you sign for it. Making a smaller down payment saves you money in case you wreck the car right after getting it since you lose all of that money.

Your Monthly Payments Will Be Lower

Monthly payments are usually lower on a lease because you’re paying for the car’s depreciation during the term. It’s not wise to base your decision solely on the monthly lease payments, but it’s important to find one that fits your budget. An added bonus is saving a huge sum of money on your sales tax, depending on where you live. With a lease, you might only have to pay based on how much you put down on the car and your monthly payments.

You Can Get the Latest Technology

Having lower monthly payments allows you to pick a newer, nicer car than if you were buying. With newer cars come advanced safety features and driver assistance technology as well as wireless connectivity features for your devices. Your vehicle can include the perks of automatic emergency braking, lane-keep assist, and even better fuel economy than older models.

Get a Better Deal on Your Maintenance & Warranty Coverage

As long as you’re not running up the miles, it can be fully covered for the full term of your lease by the manufacturer’s warranty. Expensive repairs are taken care of at your dealership’s service department if any problems come up.

Your Leased Car is Easy to Trade In

When your lease has ended, you can return the car to your dealership, pay any final fees, and walk away or upgrade to a newly-leased car. You don’t worry about selling or trading the old one or negotiating its trade-in value.

The Benefits of Buying a Chrysler or Jeep Vehicle

When you purchase your vehicle, it’s entirely yours to drive, modify, or sell without worry. Depending on your credit score, financing a vehicle can be easier than leasing it, in regard to getting a car loan. Take a look at the following list of benefits to consider when buying or leasing a Chrysler or Jeep:

You Own Your Car

When you buy a vehicle for cash, it’s yours. You own that vehicle outright and have the freedom to do with it what you please. If you finance it, your lender will hold the title until you’ve paid off the car loan, but you build a little equity from the car payments every month, as long as what you’re paying beats out the rate of the vehicle’s depreciation. Once you’ve paid off your loan, there are no more payments, and you get the title.

You Have No Mileage Restrictions

Unlike leases, you can put as many miles as you want on your bought vehicle. If you drive a lot, buying a car makes better sense than leasing. Your only concern with mileage is the cost of fuel and maintenance.

You Can Modify It Any Way You Want

If you want to paint your car a different color, put in a new stereo system, or customize it with new seats or accessories, it’s entirely up to you. Leased cars don’t allow you to customize them without paying a significant amount of money when your lease ends. When you buy your car, it’s your choice what you do with it.

Your Loan Can Be Refinanced

When you finance your vehicle, you can refinance at any time, potentially reducing your monthly payment, lowering the interest rate, or changing the length of term by adjusting your payments. If you have bad credit, you can benefit from refinancing a year or two into the loan and save a lot of cash.

Sell Your Car at Any Time for Cash

Since the vehicle is yours, you can keep it or sell it whenever you want for any or no reason. The equity you’ve built by owning can be applied to purchasing a new car as well. If your vehicle is paid off and worth $8,000, then you can trade it in and put that amount toward the value of a new one. If you’re still paying on the loan, you’ll need to pay it off to find out the amount of equity you can put toward your next purchase. However, you don’t have to take it to a dealer to sell it. You can look into other ways to maximize the profit.

Consider the Benefits Before Buying or Leasing

Whichever option you choose, make sure it’s the right fit for your automotive needs. A lease can get you a lower monthly payment on a newer car, but you still have to return it when the term ends. Financing your vehicle or buying it for cash can give you the equity and freedom of owning, but it also gives you the total costs of repairs and maintenance. Antwerpen Chrysler Jeep suggests that you consider the benefits of each when buying or leasing a Chrysler or Jeep in Baltimore, MD.