Leasing vs Buying

Ready to bring new life to your commutes around Chicago, Skokie, and Park Ridge? Once you’ve found the perfect car for you, you may still need some help deciding how to pay for it. Our team at Marino Chrysler Jeep Dodge Ram is here to help with this simple guide to the pros and cons of leasing vs. buying your new vehicle.

Buying a Car

Leasing vs BuyingWhen you buy your car outright, it’s yours forever. You’ll likely take out a loan and pay each month for a few years before the car is yours.

Benefits

  • Once you pay off the car’s full price, you don’t have any more payments! You’ll have one less bill to worry about.
  • You can choose the terms of your loan, so you’ll have control over the amount you pay each month and how long the term of the loan will be. You can pay off the vehicle as quickly as you want.
  • You’ll have the freedom to do whatever you want with your vehicle, so you can customize it however you like with paint and accessories, and you can drive it as much as you want.

Cons

  • You’ll likely keep the car for a long time if you buy it, meaning that you may find that its features become outdated. Although, because you own it, you can sell it at any time.
  • Your monthly payments will be higher than if you choose to lease because you’re paying for the full value of the vehicle.

Leasing a Car

Leasing vs BuyingWhen you lease your vehicle, you simply pay monthly for the cost of the car’s depreciation, usually for a period of 3 to 6 years. After that, you return the car to the dealer, and you can move on to something new.

Benefits

  • You’re not tied to the car forever because your lease has a set term. You can opt for a new vehicle every few years, so you’ll always have access to the latest features.
  • The terms of your lease may cover the cost of maintaining and servicing the vehicle, so you could save money on keeping the car in good shape.

Cons:

  • You’ll have to follow some rules, since the car isn’t truly yours to do with whatever you please. You’ll have a set number of miles that you can’t surpass each year without incurring an additional fee. You’ll have to keep the vehicle clean and in good condition, and you can’t add any customizations. If you like to take long road trips or if you want to add new accessories to the car, leasing may not be for you.

Find Your Ideal Car!

If you’re ready to start the hunt for your new vehicle, stop by Marino Chrysler Jeep Dodge Ram in Chicago and take a look in our showroom. Our team of automotive experts will help you find a model that you love, and you can take a test drive to try it for yourself. Whether you buy or lease the vehicle is your choice, but you can always reach out to ask any questions about the process or to get expert advice!

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