Buying vs. Leasing Your New Vehicle | Crittenden KY | Lexington & Cincinnati

Buying vs. Leasing Your New Vehicle

You've decided it's time to buy a new car, and you're getting excited about the process. Now comes the big question -- should you lease or should you buy? There are several different opinions on what the best options are, but it ultimately varies person to person. Your lifestyle and financial situation are unique, so ultimately only you can decide what the best choice is.

That's why we've assembled this list of reasons for each option. The best way to ensure you make the right decision is to be sure you have all the facts, and at Marshall Chrysler Dodge Jeep Ram, we believe in keeping our customers informed.

WHY LEASE A VEHICLE?

Freedom of Choice

Freedom and flexibility are two of the leading benefits of leasing a vehicle. When leasing, customers have the option to drive a new vehicle every few years if they choose and postpone the purchase decision, without the inconvenience of having to sell or trade the vehicle.

Flexibility

The average leasing terms range between 24 and 60 months. With shorter terms, this enables you to make affordable payments. Plus, you're able to choose your mileage. Lessees are normally given 12,000 or 15,000 miles per year, but if you need a higher mileage limit, you're given the choice to purchase more miles at signing.

Lower Payments

Because you're only purchasing the right to drive a vehicle for a specific period of time, your financial responsibility and your monthly payments may be significantly reduced. Also, if you are not ready to put down a large down payment, then leasing may be better for you, as there are leasing options that require $0 down.

Hazard-Free Driving

Because most leases last for two to three years, your vehicle is generally covered with warranty protection for as long as you have it.

True Convenience

When a lease ends, you simply return your vehicle and pay any fees remaining (such as for excess mileage or wear and tear) and taxes. If you've decided that you'd like to keep your vehicle at lease-end, you can also take the opportunity to purchase it at a predetermined price. In either case, there's no need for you to sell it or trade it in unless it benefits you.

WHY BUY A VEHICLE?

Ownership

Ownership is the best benefit of buying your next vehicle instead of deciding to lease. If you are looking to keep your vehicle for an extended time or for as long as possible, then buying is the better option for you. Plus, choosing to buy rather than lease provides you with the option to customize your vehicle to match your lifestyle.

No Mileage Limitation

When financing your vehicle, you are responsible for the miles you travel and 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 allows you the freedom to drive as much and as far as you desire without collecting fees.

Payment Flexibility

When purchasing a vehicle, you can choose to finance or buy outright with cash. If you buy with cash, you become the owner of the vehicle right away and don't have to worry about monthly payments. If you choose to purchase a vehicle by using a finance program, you have an extended period of time with a loan to pay off the vehicle. For the best outcome when financing, we strongly recommend that you acquire the most affordable, dependable and competitive rates possible, like what we offer here at Marshall Chrysler Dodge Jeep Ram.

True Freedom

When you complete your payment schedule, in typically four to six years, you own your vehicle. You can keep driving for as long as you desire without any further payments, or choose to sell or trade at any time. Once you own the vehicle, you are no longer making monthly payments, which means you could potentially place those same funds toward your savings.

If you happen to have any questions about buying versus leasing or would like to get to know us more, come by and see us at 140 Spears Ln, Crittenden, KY 41030. We look forward to serving customers from Lexington and Cincinnati.