When new car shopping, most of us like to weigh our options carefully. After all, a car is not a small purchase. We at Ourisman Chrysler Dodge Jeep® RAM of Bowie hope to offer some insight into one of the big questions of car shopping: To lease, or to buy?
How often you like to drive a new car, to shake up your garage or driveway, may be the biggest determining factor in choosing an answer. Leases are a great option for drivers forever battling the “new car itch.” Rather than needing to find a buyer to sell your car to before picking up you next ride, lessors are only committed to their vehicle for the term of the lease – usually 2-4 years. After that time, you can return your lease in exchange for a new one, or even buy the car you were leasing if you really love it!
Of course, there are trade-offs in leasing over buying your next vehicle. For one, if you drive a lot, say more than 12,000-15,000 miles a year – the cap for most leases, you may be ineligible for a lease or be required to pay an additional fee to cover those extra miles. Buying a car helps you avoid penalty fees like that and allows you to use your car as you like. But buying doesn’t exactly lead to more freedom: monthly payments for leases tend to be less, as you aren’t paying for the entire value of the car.
When it comes to choosing between leasing and buying, it really depends on the intended use for the car and your personal preference. If you want to take your new Jeep® Wrangler off-road, for example, maybe it’s better to buy than worrying about the parameters of your lease. Stop by Ourisman Chrysler Dodge Jeep RAM of Bowie and speak to our car finance center today!