Buying vs Leasing Erie PA
So you’re thinking about trading your old ride in and getting a brand new vehicle, but you aren’t quite sure if leasing a brand new car or buying a new car is the right option for you? Well, you have come to the right place. So follow along down below as we break down the main differences between buying and leasing a new vehicle.
Ownership:
If you choose to lease a vehicle you must return the vehicle to the dealership when your lease is up. You can, however, choose to purchase the vehicle at the end of your lease if you so choose. If you don’t want to buy that particular vehicle at the end of your lease you can opt to start a new lease on a new vehicle.
If you choose to purchase a vehicle you have full ownership of the vehicle once you have completed the terms of your contract.
Payments:
When you choose to lease a new vehicle you will find your monthly payments will be less than that of someone who decided to buy the vehicle outright. When you lease you are only paying for the value of the car while it is in your possession instead of the full value.
When you purchase a vehicle you are paying for the full purchase price of the vehicle. You can lower the monthly loan payments when you purchase a vehicle by putting down a larger deposit.
Maintenance:
It is important to note that if you choose to lease a vehicle you are still required to perform the regular maintenance on the vehicle. While the lease will generally run out before the manufacturer’s warranty expires, maintenance such as oil changes, tire rotations, tires, and brakes are not normally covered by warranty and will be an out of pocket expense.
When you buy a vehicle you are still responsible for all the maintenance on your vehicle.
Customization:
Since you have to return your vehicle at the end of your lease agreement unless you choose to buy the vehicle at the end, only approved accessories are allowed to be outfitted to your vehicle.
When you own your vehicle, however, you can customize it how you would like. So you would be free to put that lift kit on your brand new Jeep Wrangler.
Mileage:
When you enter into a lease agreement you are also agreeing to only drive a certain amount of miles per year over the course of your lease. How many miles you wish to set this agreement can be determined when you go to sign your contract.
When you purchase a vehicle you have no mileage restrictions
We hope you now feel more educated on the differences between buying and leasing a new vehicle. If you have more questions about the differences between the two or would like to pursue purchasing a new vehicle or leasing a new vehicle we here at, Humes Chrysler Dodge Jeep Ram is happy to serve you. Simply give us a call at Call Main Phone Number814-679-3129 or stop on by!