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Shopping for a new car is fun and exciting. There are so many options to choose from, such as whether you are looking at a Dodge or Ram, and there is a friendly staff to help along the way. However, there is one important factor to consider when looking at that new car – what’s the difference between buying vs leasing?
In the end that car will be all yours. Buying allows you to own the car after and during the payments. That means that you can do what you want with it, and resell it later in life to make some money back, if you choose.
You will not receive any extra fees that are often associated with leasing. This gives you the freedom to modify, add miles to, or change anything about your car at will.
Insurance costs are typically lower for new vehicles. So, insuring your newly purchased vehicle is going to save you some cash every month because it is cheaper than if you were leasing.
Lower monthly payments, enough said, however, we will elaborate. In addition to sometimes avoiding a down payment all together, or having a very cheap down payment, the payment each month on your lease will be substantially lower than a new car finance payment.
Most mechanical repairs will always be covered, as long as they are under warranty. Because you will only have the car for 2-3 years, a warranty will typically still cover repair costs. That means lower out-of-pocket money for most of the repairs.
Depreciation won’t phase you. A new car depreciates with use, but since you won’t own the car, it won’t matter. You can just trade it in at the end of your lease for a newer model.
Repairs won’t always be covered. After the warranty is up for your new vehicle, say three years later, you will have to pay out of pocket for repairs that would normally be covered.
Down payments can really break the bank. A lot of dealers will ask for a hefty down payment on the new car because they are worth a lot more.
Depreciation will affect your vehicle immediately. As soon as that car is driven off the lot it will have lost value. A vehicle can lose up to 50 percent of its value in the first three years of ownership, and then another 25 percent of the original value after that.
Excessive wear and tear will result in fees. Dealers expect that a vehicle will have some wear and tear because that is what happens when you drive it, but if it is more than usual, you may see additional cost to your leased vehicle.
You are not free to drive however much you want without incurring additional costs. Mileage regulations are set on leased vehicles because after you trade it back in, the dealership wants to sell it used. Therefore, the vehicle cannot have too many miles on it, or you will have to pay extra per mile.
If you get tired of the vehicle and want to get out of a lease early, it is hard to do. Because you signed a certain-month contract, that will keep you with the car until the end, unless you want to pay another fee to get out of the agreement.
Since these buying vs leasing differences have been shown to you, you can now make the educated decision to buy or lease a car. Come to Corwin Dodge Ram to check out what we have available!