Should I Buy or Lease?

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A question we hear frequently at the Opelika Ford Chrysler Dodge Jeep Ram finance department is, “Should I buy or lease?” The answer to this question really depends on your preferences and budget. Our finance experts can help you compare the pros and cons of leasing vs. buying to help you make a more informed decision. 

While there is no one-size-fits-all answer to this question, you may find that when you compare leasing vs. buying, one may be a better fit. Explore our handy guide below before you start shopping with us.

Leasing vs. Buying: Cost

  • When you lease, you will typically enjoy lower monthly payments compared to traditional financing. However, with financing, once you pay off the loan, you no longer have to worry about making a car payment.
  • Drivers who pay off a financed vehicle will spend less than a driver who is always leasing his or her vehicle. One thing to keep in mind is that as a car ages, repair costs tend to increase as well. With a lease, your vehicle is covered by warranty for the duration of the lease, so there is less worry about out-of-pocket expenses. 

Leasing vs. Buying: Restrictions 

  • There are no restrictions or mileage limits when you finance a vehicle. 
  • When you lease, you have to adhere to set mileage limits. If you do not, you will have to pay a penalty. 

Leasing vs. Buying: Customization

  • Financing gives you the freedom to modify your vehicle any way you like. Change the color, upgrade your stereo, or add ambient lighting. The possibilities are endless. 
  • If you decide to lease with us,you’ll need to keep the vehicle as close to factory condition as possible. With a lease, the dealership still owns the vehicle. When it is returned, the dealership will resell it. 

Leasing vs. Buying: Flexibility 

  • Financing is the more flexible option. You can sell or trade in the vehicle at any time.
  • Leasing is convenient. Drive a new car every couple of years, and when it is time to upgrade, all you have to do is bring the vehicle back to the dealership and select something new. There’s no hassle of selling the car. 

Learn More About Leasing and Financing Options at Opelika Ford Chrysler Dodge Jeep Ram

Still asking, “Should I buy or lease?” The team at Opelika Ford Chrysler Dodge Jeep Ram would be happy to further discuss your options more in-depth. Contact us today for more information, or begin the pre-approval process from the comfort of your home with our secure online application.

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