Should I Buy or Lease?

Man and Woman Signing Contract

Not sure whether to buy or lease your next Chrysler, Dodge, Jeep, Ram? If you’re car-shopping in Laplace, one of your first decisions will be between buying and leasing. Both have unique advantages, but one may be a better match for your current financial goals. In the guide below, the Riverland Chrysler Dodge Jeep Ram finance center compares the pros and cons of lease vs. buying your next new Jeep or Ram model.


What Are the Advantages of Buying?

If you log lots of miles thanks to a long commute or work-related travel beyond the Metairie area, leasing may pose too many restrictions to be worth your while. Rather than risking mileage penalties and other fees, buying offers the peace of mind that comes from owning your vehicle. Here are a few more points to keep in mind when you compare the benefits of a lease vs. buying your vehicle:

  • No Mileage Restrictions — Leased vehicles are subject to mileage limits. While you probably won’t hit the limit if your drives are mainly brief trips around Ponchatoula, but you can expect to pay a fee for exceeding mileage limits if you have lots of driving to do.
  • Full Customization — Buying affords you with complete freedom to customize with parts and accessories. Upgrades to a leased vehicle are restricted to specific OEM parts and accessories.
  • Sell Anytime — As the owner, you’re free to sell your vehicle anytime you want. You can’t sell a leased vehicle because it needs to be returned to the dealership (or purchased by you in a lease buyout).
  • Bad Credit Financing — Financing options are generally more flexible than lease options, which makes it easier to negotiate loan terms if your credit score is less than perfect. As a buyer, you may also be able to improve interest rates and reduce monthly payments by refinancing your loan.
  • Save Money Over Time — Buying does cost more upfront, but you’ll save more money over time than with a lease. Plus, paying toward your financed car builds equity! With every payment, you’re putting away money that you can use toward your next vehicle when you trade up.

Benefits of a Lease vs. Buying

What’s the biggest advantage of a lease vs. buying your next vehicle in New Orleans? Monthly lease payments are typically lower than financing payments. Additional advantages include:

  • Lower Cost Upfront — Not only will you pay less month-to-month, but the upfront costs of leasing are significantly lower than for financing.
  • Lower Sales Tax Rates — Tax rates for leased vehicles are far lower in most states. In fact, some states will only tax your monthly payments and down payment amount.
  • Trade-In and Trade-Up — Trading in your leased vehicle at lease-end could take as little as an hour of your time. Simply drop off your car at the dealership you leased it from, hand in your paperwork, and head home to Hammond in your new Chrysler, Dodge, Jeep, Ram lease!
  • Excellent Warranty Coverage — As with buying, you’ll be covered by a Chrysler, Dodge, Jeep, Ram factory warranty when you lease with Riverland Chrysler Dodge Jeep Ram.
  • Experience All-New Tech — If you want to keep up with the latest performance and in-cabin technologies, leasing a new vehicle every two to three years is the way to do it.
  • Bad Credit Lease — Because leases are less of a financial commitment, drivers with damaged credit can more easily be approved for a loan.

Explore Lease vs. Buying Options with Riverland Chrysler Dodge Jeep Ram 

Looking for more info about the benefits of a lease vs. buying? The auto finance experts at Riverland Chrysler Dodge Jeep Ram are standing by to answer your car-buying questions and help you make the right call. Get started from home with our tools to calculate your monthly payments and pre-qualify for financing. Contact us today!

 

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601 Belle Terre Blvd • Laplace, LA 70068

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