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Should you buy or lease a car? Which option is right for you? Thankfully, your local Chrysler Dodge Jeep RAM dealership will have plenty of cars to choose from, as well as helpful online tools that can make the decision a lot clearer from the comfort of your own home.
Advantages of Buying a Car
When you buy a car, you can either pay in cash or go with the more standard method of getting an auto loan from your bank or credit union. Your monthly payment will depend on your credit score and how much the value of the car is. In the long run, buying a car typically will save money at the end of the loan when compared to a lease of the same length.
After you pay off the car, the car is officially yours! You can do whatever you want with it now, like make modifications to the body or paint style, but you’re also the only one responsible for it. To keep the car from drastically dropping in value, car owners need to keep up with regular maintenance to make sure the car is safe and street-worthy.
Advantages of Leasing a Car
Leasing a car looks a bit different from buying. When you lease a car, you leave with a brand new model that you pay monthly payments on to drive for a set term and then return the car afterward. This provides you with a brand-new, safe, and reliable car every time. There are a few drawbacks of leasing to consider. When the lease is over, you have to return the car or pay a large sum to keep it. It is comparable to renting an apartment. Also, you are not gaining equity from this method compared to buying. It’s also important for road trip fans to know that leases will include a set amount of miles you can drive, and going over that number will incur additional charges.
Buying or Leasing a Car Is About You
Buying a car is something to be excited about and you should do what makes you happiest. If you’re not super sure what car to drive for the next 5-10 years, leasing might provide extra time to figure it out. Already fallen in love with a dream car? Then buying it can save you money, and it would be officially yours to keep and do with it what you want.
Contact us at our Chrysler dealership, Bill Snethkamp Chrysler Dodge Jeep Ram located in Highland Park, MI. We can help you find the perfect car for you to buy or lease.
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