Should I Buy or Lease?

Couple sitting at sales desk at dealership
 

Have you narrowed down your choice to a new Chrysler, Dodge, Jeep, RAM, or Fiat vehicle? If so, you might be asking yourself, “Should I buy or lease?” We’re frequently asked this question by our Spanaway customers. Truthfully, there’s no right or wrong answer; choose the best option for you. Below, we compare leasing vs. buying to give Lakewood shoppers a better idea of what to expect. 

 

 

Leasing vs. Buying: Long & Short-Term Costs

Long and short-term costs are two major differences between leasing and buying — right off the bat: 

  • Leasing offers lower monthly payments. You’ll also spend less on taxes and down payments. If you begin a new lease every few years, your payments are unlikely to change too drastically. What’s more, you likely won’t have to worry about higher service or repair bills. 
  • Eventually, you can eliminate a monthly payment altogether when you buy. The goal of financing is eventual ownership, and after you make a certain number of payments in full, your car loan will be repaid. Keep in mind that repair costs tend to increase as a vehicle ages.

Leasing vs. Buying: Mileage & Restrictions

  • If you finance, you won’t have any mileage caps or restrictions. You’ll be free to drive as much as you want. 
  • If you lease, your lease terms will likely include a clause that restricts mileage to some degree, or you’ll have to pay a fee when the lease ends. 

Leasing vs. Buying: Total Ownership & Customization

  • When you buy a vehicle (or finance), you customize your car with OEM parts and accessories as much as you’d like. There are no restrictions on how much you can personalize your vehicle. 
  • When you lease, you’ll be required to keep the car as close to factory condition as possible. Leasing isn’t the same as ownership; the car still belongs to the dealership and they’ll want to sell it after you return it. 

Explore Leasing vs. Financing Options at Tacoma Dodge Chrysler Jeep Ram

Ready to move forward with securing a lease or financing a new or pre-owned car? The finance team at Tacoma Dodge Chrysler Jeep Ram is here to help. We can answer any questions you may have about leasing vs. buying or our current new vehicle specials. Don’t hesitate to contact us online or give us a call at 253-201-7849! 

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