Buying vs. Leasing

 

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Bob Allen Chrysler-Dodge-Jeep-Ram-FIAT of Frankfort

925 Versailles Rd
Directions Frankfort, KY 40601-4740

  • Sales: (502) 219-4002
  • Service: (502) 209-8547
  • Parts: (502) 385-2680

Should You Buy or Lease Your New Vehicle?

The decision to bring home a new Ram 1500 is a big one, and we know that our Lexington customers don't take it lightly. Our team here in Frankfort knows the importance of bringing home your new vehicle with the right financing terms that suit your budget, but a lot of the times, there can be some confusion about which financing option to choose. Buying your new Dodge Journey or Durango is often the most popular option, but that's sometimes due to a driver not knowing why leasing might be a good fit. Here's a quick breakdown of each option so you can make the right decision for yourself.

Buy vs. Lease

  • With buying, you'll own the vehicle once the loan is paid off, while leasing means you return the vehicle at lease end, usually after a few years, and either walk away or hop into a brand-new vehicle.
  • Leasing can be lower monthly payments because you're only borrowing a portion of the vehicle's value, and you may have no down payment under certain circumstances. With buying, you're pretty much guaranteed to need a down payment, and your monthly payments may be higher due to taking a loan out for the full value of the vehicle.
  • When a Nicholasville driver leases a vehicle, there are mileage restrictions and penalties for going over those limits. If you buy, you have no limit to how far you can drive, or how often.
  • If you are the messy type, or you love to customize your vehicle, then buying is the best option for you. The fact that you will own the vehicle once the loan is paid means that it's essentially yours to do whatever you wish to it. Leasing is less flexible, since you're returning the vehicle at lease end, and therefore are essentially renting the vehicle.
  • If you choose to buy, you can trade your vehicle in before your loan is up, though you may end up having to roll over the remainder into a new loan. With leasing, there's no option to terminate the lease early without paying a penalty.
  • Buying is a possibility if you're not interested in a new car but want to explore our used inventory instead. Leasing isn't permitted on used models. Therefore you're limited to only new cars.

If you like that you hear from either option, come in today and discuss your options for buying or leasing a new Chrysler Pacifica, Jeep Wrangler, Renegade, Cherokee, or Grand Cherokee. We are ready to help all of our Lawrenceburg customers today.

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