Leasing vs Buying



When looking for a new vehicle, the next step is what kind of option you want to go with to get it--buying it or leasing it. Both of these options offer many different pros that can be very beneficial, depending on where you are financially, and what you want to get out of your vehicle. We are here to lay out the reasons why you might choose one over the other, and to make it easier for you to make that final decision so you can get your dream car. That is why we suggest you continue reading to get a better grasp as to why you should lease a vehicle, and why you should buy one. Either way, you'll be getting an amazing car that is sure to put a smile on your face for as long as you own it.

What is leasing and what is buying?

The act of buying a car can come in a few different ways. You can buy it outright with cash, which means as soon as you get through the paperwork, you completely own it. There is also the option to take out an auto loan, which means that the bank owns it until you are able to pay it off, and then you will officially own it. Leasing means that you only have to pay for the difference in the price that is negotiated and the expected value after the lease is up. This is also known as the "residual value". This means that you are able to pay less per month and trade up to a new car after the lease ends. Both of these options can be perfect for you, and in the end it just depends on which benefit outweighs the other.

What are the pros of buying a car?

The benefits to buying a car are endless. The first thing to consider is that you will not have to pay anymore payments after the loan (if you bought the car using a loan) is paid off. That means that you'll just be responsible for insurance, maintenance costs, and fuel. Another bonus is that there are no restrictions when it comes to mileage. You can drive this vehicle for as long as you want and put on as many miles as you see fit. This gives you plenty of freedom to go on those cross country roadtrips, or to not have to worry about going over any set limits. Another perk, especially for those looking to further express themselves, there are no fees for those who customize their vehicles. If you want to add that lift kit, you can! There is also no additional fee for excess wear. Another perk, especially for those who may not have the best credit, getting a car loan without a perfect credit score is actually pretty easy. This means that buying a car can be the easiest way, along with giving you the most freedom.

What are the pros of leasing a car?

Leasing a car can be incredibly easy and rewarding. First and foremost, when you lease a vehicle you are paying a lower monthly payment than if you had bought it. This means that you might even be able to splurge for a higher trim model with a few extra upgrades. This might also be the option for you if you are tired of having to deal with trade-ins. Once you are done with the lease, you just drop the car off and you can start a new lease. Leasing might also be the perfect option for those that like the added protection that comes with cars being covered under a warranty. Most leases last 3 years, and that is also the length of most warranties. Another perk, moving back around to money, is that the down payment will be low, just like the monthly payment. If you're a stickler for owning the latest tech, then being able to have a newer vehicle is also incredibly tempting, instead of buying a vehicle that might be slightly outdated. Finally, tax savings is something that many people may not think about, but if you lease a vehicle you are most likely only paying sales tax on the money you spend at signing, and the monthly payment. This is compared with having to pay tax on the entire price of the car if you buy it.

No matter which option you choose, and we think both are good ways to go, we invite you to check out our selection of new vehicles!

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  • Tuesday 9:00am-9:00pm
  • Wednesday 9:00am-9:00pm
  • Thursday 9:00am-9:00pm
  • Friday 9:00am-9:00pm
  • Saturday 9:00am-7:00pm
  • Sunday Closed

Contact

Reedman-Toll Chrysler Dodge Jeep RAM of Jenkintown

140 Old York Rd
Directions Jenkintown, PA 19046

  • Sales: (215) 309-8823
  • Service: (215) 664-7782
  • Parts: (267) 536-5508

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