How to Decide if You Should Finance or Lease Your Next Vehicle

So, you're on the hunt for your next car, SUV, or pickup. While we're more than happy to show you around our excellent selection of new and used Dodge, Chrysler, Jeep, Ram, and FIAT vehicles, we also want to make sure that you know whether you want to buy or lease that vehicle. You see, making the wrong choice can potentially cost you a lot of money; that's why it's so important that you understand the benefits and drawbacks associated with each approach.

To help, we asked the good people in our Finance Center for some basic information about both leasing and financing. With this advice in hand, you can easily decide which method fits your lifestyle best, allowing you to focus on the best part of the car shopping experience -- looking at different models and taking a test drive. Here's what to consider.

Benefits of Financing

When you purchase your vehicle, you don't have to worry about mileage restrictions or excess wear and tear fees. Since you own the vehicle, you're free to customize it any way you wish, and you decide when it's time to either sell or trade-in the vehicle. If you don't mind driving the same vehicle for several years, financing will save you money long term since you don't have any monthly payments once your loan is paid off.

Benefits of Leasing

With a lease, your down payment and monthly payments are usually much lower than they would be if you were to buy the same vehicle, since you're only financing a portion of the vehicle's cost. One other advantage with leasing is the fact that repairs are typically covered by the vehicle's warranty, since leases are typically limited to a two- or three-year term. Generally, leasing allows you to drive a late model, nicely-equipped vehicle for less money, and is a great choice if you like to change vehicles every couple of years.

If you have any questions, or just want to explore our inventory in person, make the easy trip from Charlottesville, Staunton, Broadway VA, and Waynesboro VA to our Harrisonburg dealership. Our team is ready to help in any way they can.

Categories: Finance
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