Should I Buy or Lease?

Finance Documents for Car

What’s the best financial path to take as you consider acquiring a new vehicle for Dunlap driving: buying or leasing? There are certainly benefits to both, but all shoppers should consider what their needs are, what they can afford, and what they want before making a final decision. Here, Sam Leman Chrysler Jeep Dodge of Peoria takes a look at the benefits and drawbacks to financing and leasing, so you know which is right for you when you stop by and ask “should I buy or lease?”

Benefits of Buying

  • No Mileage Restrictions: If you’re driving your vehicle inside and outside of the Galesburg area, you may want to consider buying. You’re free to drive as much as you want without the mileage limits you get on a leased vehicle.
  • Total Ownership: With a purchased vehicle, you are free to do with the vehicle what you please. There are no restrictions on how it’s modified, decorated, etc.
  • Customization: Buying instead of leasing gives you license to make cosmetic and mechanical changes as you see fit and create the car of your dreams without restriction.
  • Ability to Sell: When you own your vehicle, you can opt to sell it whenever you choose.
  • Financing Options: The car financing process is more straightforward, and generally open to those without perfect, or great, credit scores. When buying, you can also refinance your loan to lower your interest rate and monthly payments.
  • Less Cost Over Time: With total ownership, the vehicle becomes less expensive to own the longer you have it, even though it might be more expensive in the initial period.

Benefits of Leasing

  • Lower Payments: Monthly and down payments are much lower when you lease instead of buy.
  • Less Sales Tax: In most states, leasing a vehicle drastically lowers sales tax. In some areas, you only have to pay tax on the amount you put forth in the down payment and for the monthly payments.
  • Trade-Ins: Trading your current lease for your next leased vehicle is easy – just head to your local Peoria dealership, pay any remaining fees, and drive away in your next vehicle of choice.
  • Great Coverage: Any issue that pops up under your warranty is covered with a leased vehicle, as long as you don’t go over the mileage limit.
  • Options: Leasing allows you to stay in the newest models with the most up-to-date tech every time you lease a new vehicle, which gives you more options to meet your specific needs.
  • High Approval Rate: It is much easier to get approved for a lease, as even those with poor or no credit can be approved.

Explore Leasing and Financing Options at Sam Leman Chrysler Jeep Dodge of Peoria

Whether you choose lease vs. buying, remember the decision is based entirely on your personal needs and financial outlook. Decide what works best for you, explore all of our Chrysler, Dodge, Jeep, Ram, Wagoneer leasing and financing deals, and visit our dealership near Bartonville to find your next vehicle. If you have any questions, feel free to contact us today and see if you prequalify for credit!

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