Buy vs Lease Information
Buying vs. Leasing Your New Vehicle
Are you in search of that next special vehicle, but you’re not sure whether buying or leasing would be the right choice for you? If that’s the case, then you’re in luck. We’ve outlined the benefits of both choices for you on this page, to keep you informed about all of your options, so you can find the one that best fits your lifestyle. While there are distinct advantages to both, keep reading to see whether you should buy or lease your next vehicle.
WHY LEASE A VEHICLE?
Freedom of Choice
Two of the leading advantages of leasing a vehicle are freedom and flexibility. When leasing, customers can choose to wait to purchase a vehicle and have the freedom to drive a new one every few years if they choose, without having to sell or trade a vehicle.
Leasing terms generally last between 24 to 60 months. This enables you to make lower payments with shorter terms. Plus, you get to pick your mileage. Lessees are typically given 12,000 or 15,000 miles per year, but you’re able to purchase more miles at signing if you think you’ll need them.
Since you’re purchasing the right to drive the vehicle for a specific period of time, your financial responsibility and monthly payments may be significantly less. Also, if you have a small down payment or none at all, then leasing might be better for you, as there are often leasing options that require $0 down.
Because most leases last for a brief amount of time, your vehicle probably supplies warranty protection for as long as you drive it.
When your lease expires, all you have to do is return your vehicle and pay any remaining fees. If you don’t want to part with your vehicle at the end of your lease, you can buy it at a predetermined price.
WHY BUY A VEHICLE?
Ownership is the best benefit of buying your next vehicle instead of deciding to lease. If you’d like to drive this vehicle for as long as possible, then buying is probably the better choice for you. Plus, choosing to buy rather than lease allows you to customize your vehicle to suit your lifestyle.
No Mileage Limitation
When financing your vehicle, you’re responsible for the miles you drive, and you don’t have a mileage restriction like you do with leasing. Leasing requires that you calculate in advance how many miles you will drive each year. Ownership lets you to drive as much and as far as you want without collecting fees.
When you buy a vehicle, you can either choose to finance or pay all at once. If you need to purchase a vehicle by utilizing a finance program, you pay down the loan amount over an extended period of time. To achieve the results you want when financing, we suggest that you acquire the best rates available, like what we provide here at Cumberland Chrysler Dodge Jeep Ram FIAT.
When you finish your payment schedule, in four to six years, you own your vehicle. You can keep driving for as long as you want without any more payments, or choose to sell or trade at any time.
If you’d like to learn more about buying versus leasing or find out more about your lease-end or financing choices, feel free to contact us directly or visit us at 1550 Interstate Dr, Cookeville, TN 38501. We look forward to serving our customers from Sparta.