Should I Buy or Lease?
Are you located in Chatham or Rochester and in the market for a new or used vehicle? Perhaps you’ve even found the right car but now you’re asking yourself, “Should I buy or lease?” Well, in the debate of leasing vs. buying, there are pros to each option and it may simply come down to what your needs are, what you want, and what you can afford. Below you will find the benefits that come with each option, so you know exactly what you want when you stop in at Green Dodge looking for a new or used car!
The Benefits of Buying
Starting to look into the car buying process? Here are just some of the benefits you get when you buy a vehicle outright from our dealership:
- Total Ownership: When you buy a vehicle, it means it is now your property completely. This means you have no restrictions and can modify it however you please.
- Less Cost Over Time: Although it is likely a larger expense up front to buy a car rather than lease it, with total ownership, the vehicle actually tends to become less expensive as you own it longer.
- Ability to Sell: Another benefit of buying a car is that you’re able to sell it since you’re not locked into a lease agreement.
- Financing Options: Financing options are available to people with all types of credit scores, and is a more straightforward process than when you lease a vehicle. Extended warranties can be added to your payment plan for more coverage.
- No Mileage Restrictions: Leased vehicles may have a mileage restriction, whereas when you buy a vehicle, you don’t have to abide by any such restriction. So if you have a long, daily commute then you may want to consider buying.
- Customization: When you buy a car, you’re able to make mechanical as well as cosmetic changes that are restricted when leasing a vehicle.
The Benefits of Leasing
- High Approval Rate: Car loans could get denied for middling and lower credit scores, but a lease on a car is easier to get approved. Even those with poor or no credit can get approval for a lease.
- Great Coverage: As long as you don’t go over your mileage limit, warranties should cover any of your vehicle’s maintenance when you’re in a lease agreement.
- Lower Sales Tax: One benefit of leasing a car in a majority of states is that it then has a lower tax rate. You may even only have to pay taxes on the down payment itself as well as each monthly payment.
- Trade-Ins: Once your lease agreement is over, you can get your following vehicle by paying any remaining fees at your Springfield dealership, and leave the lot with the next vehicle of your choice.
- Lower Payments: Typically when you lease a vehicle, you’ll get the benefit of having cheaper monthly or down payments than if you bought it.
Discover Green Dodge’s Leasing and Financing Options
It’s our hope that the above information has given you a better understanding of buying vs. leasing a car. In the end, it really may just come down to your specific financial situation. You can contact us if you have any further leasing and financing questions, and you can even discover our leasing and financing deals while you’re here. Check our new and used inventories, then stop by our dealership near Decatur to have a test drive in any of our available models.
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