New Car Financing vs Leasing
Buy vs. Lease
When you’re shopping for a new vehicle, choosing the car, truck, or SUV that’s right for you is usually a pretty exciting experience. Choosing how to pay for your vehicle might not be as glamorous, but it’s still an easy process at Grapevine Chrysler Dodge Jeep RAM!
The core choice you’ll have to make when financing a new vehicle with our Dallas area team is whether to buy or lease your new car. Both options have different benefits, and deciding which one is better is ultimately a choice of which one fits your goals best. Here are some key factors to keep in mind while choosing.
Who Owns the Vehicle?
The key difference between buying and leasing a vehicle is ownership. Put simply, leasing is similar to renting your vehicle for a predetermined amount of time; we maintain ownership of the vehicle when your lease ends.
Depending on your perspective, either of these options can be better. If you plan to drive a vehicle for years to come, or if you take pride in owning your vehicle, financing is the way to go. If you plan to upgrade to a new ride every two or three years, though, then leasing makes the process of upgrading much easier.
Also note that with a lease, you’ll be expected to stay on top of maintenance and repairs or risk paying additional fees when the lease ends, as opposed to buying a vehicle and maintaining or altering it however you like. A lease, however, typically means having a vehicle while it is still covered under warranty.
Both leasing and financing a vehicle will involve a down payment and monthly payments. Leasing, however, will almost always give you a lower monthly payment since you’re only paying for the portion of the vehicle’s value that you use during your lease term. When you finance a vehicle, you pay for the full amount over the course of your financing term which typically results in a higher monthly payment.
Of course, you can always apply for new car financing with our Dallas area team to find out how much you can expect to spend in your unique scenario.
Which option is best for you ultimately boils down to your preference, but our team is always here to walk you through the specifics and to help ensure that you have all of the information you need while making your choice. For more information, don’t hesitate to contact the Grapevine Chrysler Dodge Jeep RAM team directly by calling (817) 410-7500. We’re here to help!