Is Buying or Leasing Your New Car the Best Option for You?

We’ve all been there. Wanting to purchase a new car, but not really knowing whether you REALLY want to buy the car, or just lease it. The decision is a tough one to make, but our Finance Department can help you make the right decision for your lifestyle.

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Read through this list of advantages and disadvantages of buying a car and leasing a car from our friends at Edmunds.com, and see which you think is your best option.

Advantages of Car Leasing

  • Lower monthly payments
  • Lower down payment
  • You can drive a better car for less money each month.
  • Lower repair costs (With a three-year lease, the factory warranty covers most repairs.)
  • You can more easily drive a new car every two or three years.
  • No trade-in hassles at the end of the lease
  • You pay sales tax only on the portion of the car you finance.


Disadvantages of Car Leasing

  • You don’t own the car at the end of the lease.
  • Your mileage is limited to a set amount, typically 12,000-15,000 miles a year (excess miles are paid for at the lease termination).
  • Lease contracts are confusing.
  • Leasing is more expensive in the long run (as opposed to buying and driving until the wheels fall off).
  • Wear-and-tear charges can add up (paid at lease termination).
  • It’s costly to terminate a lease early if your driving needs change.


Advantages of Car Buying

  • Pride of ownership — you can modify your car as you please.
  • Car buying is more economical in the long run unless you buy and trade-in regularly.
  • No penalty for driving excess mileage
  • Increased flexibility — you can easily sell the car whenever you want.

Disadvantages of Car Buying

  • Higher down payment is generally required.
  • Higher monthly payments
  • You’re responsible for maintenance costs once the warranty expires.
  • Trade-in or selling hassles when you’re ready to get rid of your car
  • More of your ready cash is tied up in a car, which depreciates, rather than an investment that appreciates.

Or, if you’re thinking of trading in your old vehicle, look no further. Find out the value of your trade and contact a sales representative today!

When you’ve made your decision, our friendly staff in our Finance Department at Waldorf Dodge are standing by, waiting to assist in making your new car dreams come true!

This entry was posted in Maryland Dodge Dealer, Uncategorized, waldorf dodge ram and tagged , , , , , , . Bookmark the permalink.

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