Leasing vs. Financing a New Vehicle
Leasing vs. Financing at Bob Moore Chrysler Dodge Jeep RAM in Oklahoma City
Have you decided to start looking for a new car but don’t know where to begin? Whether you’ve already picked out your perfect make and model or you’re just getting started, you’ll need to decide whether leasing or financing a new vehicle is right for you. The major difference between leasing and financing a car is who gets to have ownership of the vehicle. However, there are many advantages and some disadvantages to both options. At Bob Moore Chrysler Dodge Jeep RAM in Oklahoma City, we want to help you decide which option is the best fit for you. So, let’s go over some of the pros and cons of leasing and financing a vehicle.
Benefits of Leasing
When you lease a car, you’ll make payments to the dealership, and they’ll let you use the vehicle for a fixed amount of time. You’ll have to pay attention to the terms of the lease and follow its rules. Once your lease ends, you’ll need to return or purchase the vehicle.
Here are a few of the reasons why drivers choose to lease a vehicle:
- Monthly payments are lower than if you were to finance the same vehicle
- Depreciation isn’t something you have to worry about
- Leasing is less of a commitment than financing and you can easily switch vehicles when your lease is over
Disadvantages of Leasing
Leasing does have some disadvantages, especially if you enjoy the freedom to use your vehicle as you please. Before you lease, you’ll want to consider these downsides:
- Many leases put restrictions on how many miles you’re allowed to travel in the vehicle
- You can be charged additional fees if you return the vehicle and it’s not in like-new condition
- You can’t customize the vehicle to fit your style and needs
- Since you don’t own the vehicle, you can’t resell it to get some of your money back
Benefits of Financing
Financing a vehicle refers to getting a loan and making payments until the vehicle is paid off. There are many pros to financing, including:
- Since you own the vehicle, you have the freedom to drive as much as you want and make changes as you see fit
- When you’re ready to move on, you can trade in or sell the vehicle, which makes financing a better investment
- Wear and tear won’t result in fees from the dealership
Disadvantages of Financing
- You’ll be responsible for maintaining and repairing the vehicle
- Depreciation can affect your resell value
- Your monthly payments will be higher
Why Choose Bob Moore Chrysler Dodge Jeep RAM?
At Bob Moore Chrysler Dodge Jeep RAM, we provide outstanding new Chrysler, Dodge, Jeep, and RAM vehicles in Oklahoma City. When you choose us, you’re choosing a team of people who have your best interest in mind. The finance experts in our finance center will help you decide whether leasing or financing is the most beneficial for you. To learn more, give us a call or stop by our convenient location near Yukon and Norman.
If you’re ready to start the financing process, call Bob Moore Chrysler Dodge Jeep RAM or get pre-approved today with our online finance application.