Lease vs Finance | Chrysler, Dodge, Jeep and RAM
After you have completed your research, picked a dealership and selected the right vehicle for yourself! Now when it's time to take your dream car home. There is one question left to answer and that is often one of the most important questions that come while buying a new car - Should I Lease or Should I Finance?
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Now, do you want to finance your new vehicle for the next 6, 7 or even 8 years? That may not be a bad idea, but it all depends on how you intend to use the vehicle. You must have heard of leasing but do you know how exactly it works?.
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Let's dive into the subject and help you make an educated vehicle purchasing decision!
Let's look at some common questions and misconceptions about Lease vs Finance.
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I don't want to lease because it's just like renting.
This statement isn't entirely true. Yes, you get to hand the keys back at the end of the lease BUT you also have the option to re-finance the vehicle for the remaining value at the end of the term, if you really like it!
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I drive a lot. Leasing offers limited Mileage.
Leasing could still be the option for you! You can pay for the extra mileage in advance at a lesser rate than an overage charge. And remember, you're only stacking on that mileage for the duration of the lease. Imagine what that odometer will look like at the end of your 96-month finance contract! If you really drive a lot - that could be a LOT of depreciation.
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I want to keep my vehicle for a long time. Should I Lease or Finance?
Nothing wrong with that! If you like the vehicle and want to keep it after your lease period, you can still buy it for the remaining value - which isn't usually that much! But there's another benefit to leasing - if a new version of the vehicle comes out in 2-3 years of your purchase, you'll get an opportunity to upgrade without negative equity!
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I don't want to put thousands of dollars in down payment
When it comes to leasing you just need to start with your monthly payments*! And if you want to lower your monthly payments lower payment, you can throw in a little money down. You don't need thousands in hand to drive away with a new lease.
*a bank may ask for down payment as a condition of approval in certain cases.
Can I still add accessories to my car?
OEM approved accessories can be purchased and installed on a leased vehicle and it even increases the value of your new vehicle! And the best part is that you only pay for part of the accessory value during the lease term and the residual value of your vehicle increases!
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What happens in case of scratch or damage to my vehicle?
We understand that their vehicle owners don't park their vehicles in a showroom at the end of the day. A certain amount of wear and tear is acceptable to obtain during the time of ownership. Don't worry too much about that scratch or coffee spill! You can even get protection from massive depreciation due to an accident or collision*!
*Ask about optional GAP protection at the time of purchase for extra coverage.
*Ask about optional GAP protection at the time of purchase for extra coverage.
With Leasing, you also get protection from price changes in the market!
Even if the used car market takes a dip, you are safe. Changes in the market will not have any effect on the residual price of your vehicle.
On the flip side, if the market took an upswing and now your vehicle is worth more on the used market? You can buy out your lease at the end of the term now you have a chance to make a few $$$ on that lease deal. Score!
So it sounds like a lease may be the right option for you! You can stay current to the newest body style, latest technology and adapt to changing lifestyles! Maybe your commute or job changes, maybe you add another member for two to the family, or maybe that Green color just isn't you anymore.
Talk to our Sales Professionals today about the benefits of a lease and make a smart and informed decision on your next purchase!
