Leasing vs Buying

When you’re in the market for a brand-new set of wheels, finding something that perfectly suits your needs is important. However, exploring your financing options may be equally important–and Bob Richards Chrysler Dodge Jeep Ram is here to ensure you secure the right plan for your lifestyle.

Shoppers in the Graniteville, Aiken, and Augusta areas have two main methods when it comes to new-vehicle financing: Leasing and buying. Which one will meet your unique needs the best? Read our leasing vs. buying guide below to find out.

Buying a Vehicle

While purchasing a vehicle from our dealership might seem like a straightforward process, there are multiple ways this can be done. You can choose to buy the model outright with cash or opt to take out a secure loan in our finance department.

When you choose the latter option, you’ll be paired with a professional financer expert who will take a close look at your financial background via your credit report. They will then speak on your behalf to reputable banks and lenders to track down the loan with the best rates possible. This ends with a monthly payment plan that works for your lifestyle.

Benefits of Buying

There are many perks to buying your vehicle. The most important is that you’ll have full ownership of the model. This allows you to have a long relationship with your beloved car, and once the secured loan is paid off, it’s all yours.

Owning allows you full reign on your vehicle, so you can customize it any way you please and add accessories whenever you please. Plus, with proper care and maintenance, this vehicle could last you well into the future and can be handed down or sold when you’re ready for an upgrade.

Leasing a Vehicle

Leasing is quite different from buying as it is more of a long-term rental. With this option, you still work with a professional financing team, but lenders are not involved. These experts will look at your credit report, speak to you about your needs, and craft a tailored contract.

This contract will include everything from annual mileages and leasing terms to closing information and your monthly payment. Then, once your contract is over, you can either turn over the vehicle and lease a new model or utilize your buyout options.

Perks of Leasing

Leasing is incredibly popular due to all its benefits. First of all, this is a great option if you don’t want the long-term commitment of owning. Since leasing contracts tend to end after a few years, you’ll have the chance to always be driving the newest models on the market.

Additionally, since you won’t technically own the vehicle, monthly payments are typically lower as well. When buying, you’ll need to pay off the entire value of the model. With leasing, you’ll just pay for the depreciation of it while you’re behind the wheel. This results in a lower down payment and fewer taxes as well.

Leasing vs Buying: Which One is for You?

Now that we have broken down both the buying and leasing options, it’s time to settle on a financing plan that works for you. Whether you have picked one already or are still trying to choose, the experts in our finance department are here to help.

Schedule an appointment with them today to get started on this process. The entire team at Bob Richards Chrysler Dodge Jeep Ram is always here to assist in your vehicle buying or leasing venture in the Graniteville, Aiken, and Augusta region.