Lease Vs. Buy A Vehicle

Getting into a new vehicle is exciting! But have you decided whether you want to buy or lease?

Larry H. Miller Chrysler Jeep Dodge Ram can help you decide which option is best for your budget and lifestyle.

Leases and car loans are just two different methods of automobile financing. One finances the use of a vehicle, and the other finances the purchase of a vehicle. There are benefits and drawbacks to both. Whether one or the other is more beneficial to you depends entirely on your own personal situation and preferences. Read the benefits of both below to make an educated decision about which option is best for you.

Benefits of Leasing

  • Lower monthly payment! Because you are only paying for the use of the car, not the entire vehicle, lease payments are quite often less than monthly loan payments. And with monthly lease incentives, you can often lease a new vehicle with little or no money down. That means less out of pocket expense at the onset! 

  • Upgrade your car more often! If you are one of those individuals who likes to upgrade your phone every time a new one is released, then leasing might be for you since you can essentially do the same thing, just with your car. Having the latest technology or safety (or styles or trends) may be important to you - if so, a lease on a vehicle might be for you.

  • Have more options! When you lease, you have options available at lease-end. You can choose to lease another of the same vehicle, or purchase the one you have grown to love at a much lower, no hassle pre-determined price. Or, you can turn it in and walk away. Leasing allows you to drive a new vehicle every few years without worrying about the hassle of trading in or selling your current car. 

  • Little to zero vehicle maintenance! Many people choose to lease for the length of time the manufacturer's warranty is in effect - this way, if any repairs are needed they are typically covered by the warranty. 

Benefits of Financing

  • Ownership. At the end of your loan you will own your car, and will have no additional monthly payments. It's all yours! Love it as long as you like! 

  • No Limits. When you buy your new car, you can drive an unlimited amount of miles with no penalty. Buying is preferable if you typically drive your car more than 12,000 - 15,000 miles per year.

  • Personalize. If you like to make your vehicle your own and customize, modify, or repaint to match your style, then buying a vehicle is probably your best choice.

  • True Love. Do you become emotionally attached to your vehicles? (We know some of you do!) You may prefer to purchase to avoid the separation anxiety when it's time to part.

  • Asset Retention.  When you buy, you retain the benefit of trade-in or resale value, but don't forget that a car is a depreciating asset. If you decide to trade in your vehicle before your loan has been fully paid off, you might be upside down on payments in the end. 

Is Your Lease Ending?

Is your lease ending? Learn what to do next! 

  • You have several options at your Lease-End, and Larry H. Miller Chrysler Jeep Dodge Ram is happy to help guide you through the next steps. 
Lease-End Process

Leasing programs through Larry H. Miller Chrysler Jeep Dodge Ram give you the freedom to change your mind every few years, often with lower monthly payments than a loan. Visit us for the greatest lease rates in Sandy, Murray, and the Greater Salt Lake City area.

If buying is right for you and your lifestyle, give us a call at (801) 960-3432 to speak with a Larry H. Miller Chrysler Jeep Dodge Ram associate to schedule a test drive and discuss the financing options available to get you on the road.
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