Should I Buy or Lease?

January 2nd, 2019 by

Woman reading a car purchase contract in car dealershipWhen you start to shop for a new vehicle for your Frankfort commutes, you might be wondering what the best financial path to take is. It really depends on works best for you and your life when it comes to leasing vs. buying. While there are benefits of leasing and benefits or financing, the decision is ultimately based on your needs, what you can afford, and what you want. Today was explore the benefits of both leasing and financing so you know which is right for you when you come and visit us at South Oak Jeep Dodge Chrysler Ram!

Benefits of Buying

  • No Mileage Restrictions: Leased vehicles often come with mileage restrictions, so if you spend a lot of time on the Mokena roadways you may want to look at buying. Without mileage limits like you get on a leased vehicle, you’re free to drive as much as you want.
  • Total Ownership: Once you buy a vehicle it is completely yours and you are able to to do with it as you see fit. There are no restrictions on how it’s modified, decorated, etc.
  • Customization: When you purchase your vehicle you can make it stand out in New Lenox with as many cosmetic and mechanical changes as you want.
  • Ability to Sell: Since you’re not locked into a lease agreement, you can opt to sell your vehicle whenever you choose.
  • Financing Options: While leasing isn’t overly complicated, the car financing process is more straightforward, and generally open to those without perfect, or great, credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments.
  • Less Cost Over Time: Though buying a new car is more expensive in the initial period, it is less troublesome in terms of cost over time as you work towards paying off your loan. With total ownership, the vehicle becomes less expensive to own the longer you have it.

Benefits of Leasing

  • Lower Payments: When you lease a vehicle the costs will be much lower than buying, whether it’s monthly payments or down payments.
  • Less Sales Tax: In most states, leasing a vehicle drastically lowers sales tax. Depending on your location, you may only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
  • Trade-Ins: When a lease ends, the return process is simple. Head to your local Matteson dealership, pay any remaining fees, and drive away in your next vehicle of choice.
  • Great Coverage: When you lease a vehicle any maintenance and repairs are covered under your warranty, as long as you don’t go over the mileage limit, is covered.
  • Options: With leasing, you are able to get into the newest models with the most up-to-date technology. You’ll have tons of options and be able to find the perfect model and features for you.
  • High Approval Rate: While you may be denied for a car loan, it is much easier to get approved for a lease, as even those with poor or no credit can be approved.

Explore Leasing and Financing Options at South Oak Jeep Dodge Chrysler Ram

Both leasing and buying and great options, it really just depends on which best fits your lifestyle and finances. Explore all of our Jeep, Dodge, Ram, Chrysler offers and incentives, and head over to our dealership near New Lenox to find your next vehicle. If you have any questions, feel free to contact us today!

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