Auto Lease vs Buying a Car

Should I Lease or Buy My New Car? Let's Ask the Experts!

While the choice to buy a new Chrysler, Dodge, Jeep, or Ram is an easy one, deciding how to get the keys is a different matter: Will you choose to finance though a loan and own the car outright, or customize a lease and upgrade in a few years? It's all up to you, but you don't have to do it alone.

We've compiled some of the top reasons that drivers like you choose to either buy or lease a new car in Springfield, Dayton, Fairborn, or Urbana OH--while we encourage everyone to explore both of their options for financing, this can help you narrow down what you're looking for in a solution. If you have additional questions, please feel free to give our sales team a call.

Buying:

Who Owns It

Whether you pay for the car with cash, or finance it and make monthly payments, either way it's yours. Of course, if you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess it.

Up-front Costs

If you're financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.

Future Value

Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)

End of Payments

Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.

Leasing:

Who Owns It

You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.

Up-front Costs

Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.

Future Value

In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.

End of Payments

Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.

Best Cars to Lease

The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.

Why Buy a New Chrysler, Dodge, Jeep, or Ram

If you like the sound of these four statements, a car loan could be the best choice for you:

• I love to drive, and I don't want to always be watching my mileage
• I like to travel on some rougher roads, and my car sees more wear and tear than the average vehicle
• I want to build equity in my car, so when my term is done I own the vehicle outright
• I don't mind doing the legwork to sell my car when I'm ready to trade up

Why Lease a New Chrysler, Dodge, Jeep, or Ram

If you agree more with the statements below, leasing a new car might be the right option for you:

• I like driving fun, stylish new cars--even if it means trading up every few years
• I want to pay less upfront, and less per month for a premium model trim
• I travel 15,000 miles or less per year
• I like the confidence of driving a brand-new car but don't want to commit to buying

Test it Out! Learn About Your Options and Get a Quote

Since both lease and auto loan quotes can vary drastically based on mileage limits, model and trim, credit score, available financing rates, and even vehicle availability, the best way to get an accurate quote is by applying for financing online, or scheduling an appointment to sit down with one of our specialists.

You don't need to boast the big bucks to get into a brand-new car. You just need a little bit of help from Jeff Wyler Springfield Auto Mall! Contact us today, and let's get started.