Two choices exist for people interested in driving a new Chrysler, Dodge, Jeep, or Ram. You can choose between buying and leasing. Which one should you choose? At Cooper Automobiles of Cny LLC, we offer both lease and purchasing arrangements. The right choice depends on what the shopper wants and needs.

Expectations with Leases and Buying a Vehicle

Downpayments and Monthly Payments

Whether buying or leasing, expect to make a downpayment on the vehicle. With a lease, the downpayment covers depreciation. With a loan, the downpayment lowers the balance. Whether buying or leasing, a monthly payment becomes necessary. The amount reflects the terms. A 72-month loan comes with a lower payment than a 36-month one.

Lease Terms are Shorter

Lease terms usually last 24 or 36 months. Loans can come with much longer terms, and refinancing may extend the payoff amount further. Once a lease ends, the person leasing the vehicle must return it, although the option to buy exists. You should also be aware leased vehicles come with mileage restrictions, whereas purchased vehicles do not.

Switching to a New Vehicle

Leases appeal to those interested in "upgrading" to a newer vehicle sooner rather than later. When the lease ends, the vehicles go back to the dealer. Leasing a new car may be the next move after returning it. Of course, returning the vehicle eliminates the need to sell the car, truck, or SUV.

Buyers accept additional responsibilities with their purchase. Selling the vehicle and buying a new model are among them, but these steps aren't necessarily difficult.

Owning the Vehicle

Once a buyer pays off the balance, he/she owns it. Also, the buyer won't be responsible for added costs, such as excess wear and tear or repairs. Persons returning a lease may need to pay extra.

Learn More About Your Purchasing Options Today

Whether leasing or buying, taking a test drive could be a wise plan before making any decisions. Visit us today to learn more.

Categories: Finance, New Inventory