Should I Buy or Lease?

Woman reading a car purchase contract

Looking at new vehicles to cover your Camden drives? Taking the best financial path first involves learning whether buying or leasing is a better strategy before looking at matters like gap insurance. There are perks to both, but your needs, your budget, and your tastes truly define which is the choice for you. Look over the benefits that leasing affords over buying, and vice versa with this handy guide from Carolina Chrysler Dodge Jeep Ram that answers the age-old question, “should I buy or lease?”

Benefits of Buying

  • No Mileage Restrictions: Consider buying if you drive a lot, or regularly commute between your home and Hertford – you’re free to drive as much as you want in a car you own, as opposed to leasing.
  • Total Ownership: Buying a vehicle leaves you free to do with it what you please. There are no restrictions on how it’s modified or decorated.
  • Customization: Buying enables you to make cosmetic and mechanical changes to your vehicle as you see fit, and create the car of your dreams without restriction.
  • Ability to Sell: You can opt to sell your vehicle whenever you choose without a lease agreement. Even if you haven’t finished paying off your loan, you can trade in a financed car with us.
  • Financing Options: Car financing is usually a straightforward process, and generally open to those without perfect, or great, credit scores. You can also refinance to lower your interest rate and monthly payments.
  • Less Cost Over Time: Buying a new car is more expensive initially, but less troublesome over time as the loan is paid off. With total ownership, the vehicle becomes less expensive the longer you have it.

Benefits of Leasing

  • Lower Payments: Leasing a vehicle costs less than buying, as long as you follow your agreement.
  • Less Sales Tax: Leasing a vehicle drastically lowers sales tax, since it’s only put forth on the down payment and monthly payments.
  • Trade-Ins: The process of getting your next leased vehicle is simple when your lease agreement ends. Head to your local Elizabeth City dealership, pay any remaining fees, and drive away in your next vehicle of choice.
  • Great Coverage: Warranty coverage and maintenance is a breeze when leasing! Any issue that pops up under your warranty is covered, as long as you don’t go over the mileage limit.
  • Options: Leasing puts you in the newest models with the most up-to-date tech. You’ll get more available options, for a more perfect fit.
  • High Approval Rate: You may be denied for a car loan, and it is much easier to get approved for a lease.

Explore Leasing and Financing Options at Carolina Chrysler Dodge Jeep Ram

Whichever you choose when deciding between lease vs. buying, remember the decision is based entirely on your personal needs and budget. What works for some might not work for others! Explore all of our Chrysler, Dodge, Jeep, Ram, Wagoneer leasing and financing deals on models like the well-reviewed Jeep Compass, and visit our dealership near Edenton to find your next one. Questions? Contact us today and see if you prequalify for credit!

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