Buy vs Lease

Understanding the Advantages Both of Buying and Leasing--Auto Financing 101

When shopping for your next new car, the make and model you select may seem like the single most important decision you're going to have to make. And while the exact car you decide upon will certainly play a large role in your automotive satisfaction moving forward, it's arguably of equal importance to determine how you plan to finance said car. After all, more than likely you will be making monthly payments on your vehicle for some period of time, so it's certainly in your best interest to make an informed decision from the start.

We can greatly simplify the many auto financing options by narrowing it down to the two major choices: to buy the car you're most interested in, or to sign a lease contract. As you might expect, there are definitive advantages to each of these two options, and determining which path to take will largely be a matter of assessing your driving habits, your lifestyle, and your own personal preferences. For your convenience, we have outlined some of the most compelling benefits of both financing options below to hopefully steer you in the right direction.

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Benefits of Buying Your Next New Automobile

  • Pride--and Freedom--of Ownership: When you decide to pay for your new car by taking out a loan, the car is yours to keep as long as you desire. You can drive it as far and for long as you like without being penalized as you would for going over your allotted mileage on a leased car, you have the freedom to modify or to customize it to your liking, and at the end of the day, you have something tangible to show for your monthly payments--the same cannot be said when you choose to lease.
  • Option of 'Early Termination': When you own your car, you have the flexibility to sell it or trade it in whenever you want or need to; opt for a lease and you will be hit with potentially costly early termination charges for breaking contract.

Benefits of Leasing Your Next New Automobile

  • Minimize Your Monthly Payments: If you're looking to keep your out-of-pocket expenses to a minimum each month, you may decide that leasing is your best bet. That's because monthly lease payments are almost always notably lower than loan payments, because when leasing, you're only paying for the vehicle's depreciation during the lease term, versus paying off the entire purchase price of the vehicle.
  • Ease of Return: When the lease is up, simply return the car, pay any outstanding charges and walk away. Opt to buy the vehicle and you will have to deal with either settling or trading it in when you're ready for a change.

Even if you're someone who is familiar with the car buying process, we understand that automotive financing can be confusing stuff. That's why our finance team is prepared to help in any way we can. Visit us here at Fred Beans Chrysler Dodge Jeep Ram and let's get started.

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