Buying vs Leasing

Before you finance your next vehicle, it’s important to consider your options: buying and leasing. Our team at Feldman Chrysler Dodge Jeep Ram Woodhaven is well versed in both of these financing options, which is why we’ve put together this helpful guide.

Below, drivers near Woodhaven, Taylor, and Garden City, MI, will find more information about the benefits of buying and leasing. Let’s get started with the biggest differences between these two payment options!

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Buying vs Leasing: The Biggest Differences

The first difference between buying and leasing is ownership. With a lease, you’re essentially renting the vehicle for a period of time. Once your contract is up and you’ve made your last monthly payment, you can bring the vehicle back to the dealership.

With a loan, every payment that you make goes towards a long-term investment. Once you’ve paid off your loan, you’ll be able to keep it for years to come.

However, this difference doesn’t make one option better than the other. The one that’s right for you will depend on your specific needs. Below, you’ll learn more about the perks of each payment option.

The Pros of Buying Your Next Vehicle

Buying a vehicle is a great option for those who want to invest in ownership. However, there are many additional benefits that come with this payment plan:

Variety: When you buy a vehicle, you have the choice between every car that’s for sale, old or new. While you can lease used cars, leasing can be limited to newer vehicles.

Customization: Since you won’t need to return your vehicle back to the dealership if you buy it, you can customize it to your heart’s content. Want to upgrade the sound system or install an accessory? Feel free to do so when you buy a car!

Future Investment: Buying a car is a great investment, especially if you’re planning on upgrading in the future. Down the road, the investment you make in the vehicle you buy could be used towards the purchase of a new car when you trade it in.

Why Consider Leasing Your Next Vehicle

Leasing is ideal for those who need more flexibility with their circumstances, like first-time car shoppers and students. See what’s in store for you if you choose to lease your next vehicle:

Shorter Terms: Just like financing, you’ll be able to customize your lease plan. However, leasing typically means shorter terms so you can upgrade to a newer car with even more modern technologies sooner.

Lower Payments: When compared to the payments you’ll make with a car loan, lease payments can be lower because you’re only paying for the vehicle’s value for however long your lease is. Plus, many leases don’t require a down payment.

Easy Trade-Ins: At the end of your lease, you’ll have several easy options. Simply bring the vehicle back, and you’re done! If you fall in love with your car, put together a buy-out plan so you can keep driving the vehicle you love.

Still Have Questions about Car Financing?

We at Feldman Chrysler Dodge Jeep Ram Woodhaven are thrilled that you decided to stop by and learn more about your financing options. If you still have questions about loans and leases, our finance team would be happy to help.

Shoppers in Woodhaven, Taylor, and Garden City, MI, should come by the dealership on their way through town to check out our expansive inventory. Schedule a test drive today!